Despite facing legal scrutiny from the SEC, Ripple remains determined to launch its stablecoin in June and has predicted the stablecoin market to reach $3 trillion by 2028.
According to the SEC, Ripple Labs’ business involves sales of “unregistered crypto assets.” However, Ripple persists in its plans for the launch, showcasing its commitment to moving forward despite the legal battle.
Ripple’s Plans for Stablecoin Unveiled Amid SEC Scrutiny
According to a recent post from Ripple Labs, the stablecoin market is estimated to reach $3 trillion by 2028. This came after the U.S. Security and Exchange Commission (SEC) recently tagged its upcoming stablecoin an unregistered crypto asset.
It is estimated that the stablecoin market could reach $3T by 2028.
Understand the role stablecoins play in the financial markets and learn about their use cases and how they push financial services innovation.
— Ripple (@Ripple) May 8, 2024
Speaking at the XRP Las Vegas conference, Ripple’s Chief Technology Officer, David Schwartz, hinted at an upcoming launch of the company’s stablecoin, potentially slated for June. This stablecoin, backed by USD deposits, government bonds, and cash equivalents, aims to maintain a 1:1 peg to the USD, ensuring stability.
It also aims to utilize the XRP Ledger’s capabilities for decentralized exchange and automated market making for institutional and DeFi sectors. David Schwartz added that more details about the company’s stablecoin would be disclosed at the XRPL Apex event before launch.
Ripple Labs has been in constant battle with the U.S Securities and Exchange Commission (SEC); recently opposing the $2 billion fine from the regulatory body. Meanwhile, the team has expanded into the Japanese market through a partnership with HaskKey DX last month.
