• Ripple will launch its stablecoin later this year.
• This comes at a period when its XRP Ledger witnesses low user activity.

Crypto payment firm Ripple has announced its plans to launch a stablecoin pegged to the U.S. dollar on its XRP Ledger (XRPL) and the Ethereum network later this year.

According to the announcement blog post, the enterprise blockchain solutions provider said its stablecoin will be backed 100% by US dollar deposits, short-term US government treasuries, and other cash equivalents. 

Ripple added that its foray into the stablecoin market is to meet the growing demand for this category of digital assets. 

The payment firm added,

“This is a natural step for Ripple to continue bridging the gap between traditional finance and crypto.”

XRPL recent troubles

Ripple’s decision to float its stablecoin comes as its XRPL faces a significant decline in user activity. On-chain data revealed that the network has seen a drop in user activity since the beginning of the year. 

According to The Block data dashboard, the daily count of transactions completed on the XRPL has declined since 4th January. On a seven-day moving average, the network daily transactions count fell 87% between January and March.

The fall in daily transactions recorded was due to the decrease in the number of unique addresses active on XRPL as senders or receivers during this period. Per The Block data, the daily count of active addresses on the network dropped by 45% in the year’s first quarter. 

Further, new demand for XRPL also plummeted in Q1. During the

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Author: Abiodun Oladokun

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