What Does Ripples Stablecoin Mean for XRP? [Video]

Ripple has declared the death of (XRP). Well, to be fair, to be accurate, Ripple CEO Brad Garlinghouse has said the exact opposite when announcing the Silicon Valley crypto mainstay would launch a U.S. dollar-pegged stablecoin later this year. But in the grand scheme of things, XRP’s usefulness is dwindling. (Sorry, XRP Army, it’s my job to speak it how it is.)

This is an excerpt from The Node newsletter, a daily roundup of the most pivotal crypto news on CoinDesk and beyond. You can subscribe to get the full newsletter here.

The Ripple stablecoin, expected later this year, will apparently be backed 1-to-1 by cash equivalents including U.S. dollar deposits, U.S. government bonds and other low-risk investments, according to the company’s announcement. The idea is reportedly to create a more trustworthy alternative to assets like Tether’s (USDT) and Circle’s (USDC).

Indeed, as many others have pointed out, the $150 billion stablecoin marketis crowded …