Ripple Enters Crowded Stablecoin Market with US Dollar Launch

Ripple is set to launch a U.S. dollar stablecoin, backed 1-to-1 by U.S. dollar deposits, government bonds, and cash equivalents, aiming to compete with stablecoin giants like Tether and USDC. The move comes as a response to market instability and regulatory uncertainty surrounding existing stablecoins. Ripple CEO Brad Garlinghouse also expressed confidence in the future of XRP and expects a settlement with the SEC to be in the "millions" of dollars, rather than the billions the SEC is seeking.