Ripple has announced plans to launch a U.S. dollar-pegged stablecoin that will initially be available on the XRP Ledger and Ethereum blockchains. 

"Issuing our stablecoin on the XRP Ledger and Ethereum will serve as a pivotal entry point to unlock new opportunities for institutional and DeFi use cases across multiple ecosystems,”  Ripple President Monica Long said in a statement Thursday. "Bringing a trusted stablecoin onto XRPL will drive more adoption and development, contributing to a vibrant ecosystem.”

The company also said the stablecoin, slated for launch later this year, will be backed by "USD deposits, short-term U.S. government treasuries, and other cash equivalents," according to its statement. "These reserve assets will be audited by a third-party accounting firm, …