Ripple launches a USD-backed stablecoin on Ethereum and XRP Ledger, entering the $150bn market.

Ripple, the blockchain payments firm, announces the launch of a US dollar-backed stablecoin, joining the $150bn market dominated by Tether and Circle. The new stablecoin, to be launched on Ethereum and the XRP Ledger, will be fully backed by USD deposits, short-term US government treasuries, and other cash equivalents. Ripple plans to expand the stablecoin to other blockchains and decentralized financial platforms to enhance its availability to global markets.