Ripple Partners Web3 Fintech Company for Stablecoin Launch on The XRP Ledger (XRPL)

• Ripple has bagged a new partner in its efforts to capture global adoption of XRP and XRPL.
• Ripple will support Stably in building its Stably USD (USDS) stablecoin.

Stably has confirmed that it is launching a stablecoin on the XRP Ledger. Per the announcement, the stablecoin will be dubbed Stably USD (USDS). very USDS token is fully collateralized 1-to-1 with USD held in traditional bank deposits for the benefit of USDS holders. According to the Seattle-based web-3 fintech company, the launch of USDS brings the ” first regulatory-compliant stablecoin to an ultra-fast, low-cost and carbon-neutral public blockchain built for payments.”

Ripple on its part will offer the technical support necessary to integrate USDS with XRP Ledger. This will be crucial as Stably plans to onboard U.S.-based financial institutions and other businesses from more than 200 countries.

https://twitter.com/Stably_Official/status/1565366201068699648?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet

In the midst of a troubling period for stablecoins, the launch of a stablecoin by one of the most recognized blockchains in the market has been hugely celebrated.

Related: COLOMBIA ENLISTS RIPPLE TO PUT LAND TITLES ON XRPL

Kory Hoang, CEO of Stably said,

We are very excited to partner with Ripple and support our fiat-to-stablecoin gateway to the XPRL via USDS. Regulatory compliance, transparency, and security have always been Stably’s top priorities and we look forward to bringing more of these benefits to the XRPL community.

Though Ripple continues to forge new partnerships, the company has been entangled in legal proceedings with the U.S. SEC. The San Francisco-based company stands accused of selling unregistered securities in the form of XRP. Since the SEC began its probe, this has seen its token fall out of favor with exchanges, major financial institutions, and even investors.

As a result, its prices have been unable to keep up with the wider market and have seen its market cap surpassed by its lesser peers. For most investors, there’s a strong belief that Ripple will be victorious and XRP will record great gains as it corrects.

Read More: GOLDMAN SACHS, WELLS FARGO, AND HSBC CLASSIFY XRP AS DIGITAL CURRENCY