Ripple, the issuer of XRP, has unveiled its plans to launch a stablecoin backed by the United States dollar, aiming to rival Circle and Tether in capturing a portion of the market share within the next five years.

In a conversation with Cointelegraph, Ripple's Chief Technology Officer, David Schwartz, shared insights into the upcoming stablecoin, which is expected to debut on both the XRP Ledger and the Ethereum blockchain.

Having contemplated the idea of launching a stablecoin for over a year, Schwartz expressed his belief that the current stablecoin ecosystem lacks diversity and robustness. With the current market value of stablecoins estimated at $150 billion, Schwartz sees significant room for another major player, stating, "We think it will be over $2 trillion by 2028, and there’s only two market leaders. We don’t think it’s a winner-take-all-all ecosystem, particularly on the