The XRP Ledger (XRPL) expanded its ecosystem this week with the addition of three new stablecoins: EURØP, USDB, and XSGD. These tokens are backed by fiat currencies and aim to strengthen XRPL's position in the global stablecoin market.
On May 22, EURØP, a euro-pegged stablecoin issued by Schuman Financial, joined XRPL. Schuman Financial, licensed by the French central bank, ensures EURØP is fully backed by reserves held in major European banks and audited by KPMG.
Also on May 22, Brazilian fintech firm Braza Group launched USDB, a US dollar-backed stablecoin, on XRPL. Braza CEO Marcelo Sacomori believes USDB could account for about 30% of Brazil's USD-pegged stablecoin market by the end of next year.
Rounding out the trio, Singapore dollar-pegged XSGD, issued by StraitsX, went live on XRPL on May 19. XSGD is backed one-to-one with reserves held at DBS Bank and Standard Chartered, according to the statement.
XRPL is becoming a preferred choice for stablecoin issuers due to its low fees, fast transaction speeds, and scalability.
This article is based on our author's analysis of materials taken from the following resource: CryptoSlate.