• Ripple Labs announced its stablecoin. 
• The company announced plans to issue the asset back in April.
• It is expected before the end of 2024. 
• The stablecoin will be backed by the US dollar.

Ripple Labs has unveiled the Ripple USD (RLUSD) stablecoin, backed by the US dollar. According to the release, the asset is expected to hit the market later in 2024.

There are few details about the new stablecoin. The company emphasized that the asset will provide the appropriate level of transparency and reliability. It is known that it will be issued on the basis of XRP Ledger and Ethereum. 

At the same time, information about Ripple Labs' plans to issue its own stablecoin appeared back in April 2024. The organization's CTO David Schwartz said that the asset would compete with USDT and USDC.

The XRP token responded to the news with moderate growth - 3% on the daily chart:

XRPXRP

Price:

$0.57731142

-2.07%

24h Volume:

$511.7m

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Notably, on June 11, the company announced the completion of a deal to purchase Standard Custody, a firm licensed by the New York Department of Finance.