Circle CEO praises Ripple for launching own stablecoin on XRP
Summary
Circle's CEO, Jeremy Allaire, has welcomed Ripple's plan to launch a stablecoin backed by USD deposits and government bonds. Ripple aims to issue the stablecoin on XRP Ledger and Ethereum, citing the growing demand for stablecoins and their role in DeFi. The move is expected to expand Ripple's reach into institutional and DeFi realms. Ripple's CEO and President also expressed optimism about the stablecoin's potential impact. Following the announcement, XRP's price briefly surged. Tether's USDT remains the dominant stablecoin in the market.
