Ripple is preparing for a big move in the stablecoin industry. The company announced that it will launch a stablecoin against USDT and USDC.

According to the statement, the stablecoin, which will be based on 100% US Dollars, US bonds and equivalent assets, will take place in the XRP Ledger and Ethereum blockchain in the first place.

The stablecoin is expected to be launched later this year after receiving regulatory approval.

Ripple, which expects to see path breaking growth in this area, emphasised that the market has a size of $150 billion today, and that they estimate it will grow to $2.8 trillion by 2028.

Ripple CEO Brad Garlinghouse said, “Launching a stablecoin while bridging the gap between traditional finance and crypto is an extremely usual step for Ripple. We have a long experience, legal experience, a strong balance sheet and a network with almost global payment coverage to provide the best service in the payment area with XRP and our future stable coin.”

XRP price was volatile after the announcement. While the cryptocurrency was traded at $0.58, it approached $0.62.