An upcoming stablecoin will be introduced by Ripple, pegged to the U.S. dollar, aiming to enter the $150 billion market currently dominated by Tether and Circle. This new stablecoin will maintain a 1:1 value against a variety of U.S. dollar assets, such as deposits, government bonds, and cash equivalents, held by Ripple as reserves.

Ripple plans to provide monthly attestation reports concerning its reserves for transparency, although the auditing firm has not been specified. Initially, available in the U.S., the stablecoin is expected to expand to other regions with potential localized versions for European and Asian markets.

In a recent interview with CNBC, Ripple CEO Brad Garlinghouse highlighted the instability faced by Tether's USDT and Circle's USDC, leading to the decision to launch Ripple's stablecoin. With USDT and USDC experiencing drops in value due to various failures, Ripple aims to set itself apart by underlining its regulatory compliance and licensing across multiple jurisdictions, including New York, Ireland, and Singapore. Regulatory concerns regarding the current market leaders serve as a key distinction for Ripple in the stablecoin market.