Ripple plans to issue a stablecoin pegged to the US dollar

According to reports, Ripple will issue a US dollar-backed stablecoin. The company stated that the token is planned to be issued "later this year" and will be "100% backed by US dollar deposits, short-term U.S. government bonds, and other cash equivalents." This stablecoin will first be deployed on Ripple's institution-centric XRP Ledger and Ethereum blockchain, based on the Ethereum ERC-20 token standard.