Ripple Inching Closer to Stablecoin Release

The name of the much-anticipated stablecoin was finally unveiled by Ripple at the XRP Ledger Community Summit that took place in Amsterdam in June. In May, Ripple President Monica Long predicted that the stablecoin project was likely to debut in 2024. The stablecoin will be initially issued on XRP Ledger and Ethereum. However, the company hinted that other chains might also be supported in the future. According to Vet, the operator of the XRP Ledger dUNL, Solana would be a "no-brainer" for Ripple when it comes to issuing its own stablecoin. "Cardano struggles with good stablecoins as well and Circle refused to issue there so far," he noted in a social media post. Ripple's stablecoin will have to compete with giants of the likes of Tether's USDT and Circle's USDC in a crowded stablecoin market.