Circle CEO Jeremy Allaire welcomed Ripple's entry into the stablecoin market: "It's encouraging to see more companies take a compliance-first approach to building on-chain dollars." (CryptoSlate)
Previous news, Ripple will issue a dollar-backed stablecoin. The company said the token is scheduled to be issued "later this year" and will be "100% backed by US dollar deposits, short-term US government bonds and other cash equivalents." The stablecoin will first be deployed on Ripple's institution-centric XRP Ledger and Ethereum blockchains, and will be based on Ethereum's ERC-20 token standard.