Ripple’s XRP has surged to $1.70, marking a significant recovery after years of regulatory challenges that kept its price below $1. The cryptocurrency, now the fifth largest with a market capitalization exceeding $99 billion, has gained renewed momentum as Ripple advances its plans to expand in the digital payments sector.

Central to this resurgence is Ripple’s upcoming launch of a regulated stablecoin, designed to offer customers a less volatile and compliant alternative to traditional cryptocurrencies. The stablecoin, set to debut next week, is expected to rival established issuers such as Circle, Paxos, and Gemini in the competitive marketplace.

Ripple has secured partnerships with prominent payment providers, including Bitstamp, MoonPay, and Uphold, to support the stablecoin rollout. Keith Grossman, President of Enterprise at MoonPay, emphasized the significance of Ripple’s entry into the stablecoin space, calling it a pivotal moment for the global market. “For another well-capitalized, highly regulated player to enter the stablecoin marketplace is a win-win,” Grossman said, highlighting its potential to bring added stability and innovation to the industry.

Ripple’s latest initiatives signal a bold move to strengthen its foothold in the evolving cryptocurrency ecosystem and address growing demand for regulated digital payment solutions.