After years of focusing on cross-border payments with XRP, blockchain firm Ripple is charging into the $150 billion stablecoin market with an ambitious new product. Today, Ripple revealed its plans for a USD-backed stablecoin that aims to wrestle market share from Tether’s USDT and Circle’s USDC, the two dominant players.

Ripple’s token will be 100% backed by dollar deposits, U.S. Treasuries and cash equivalents held at U.S. banks. To instill confidence, the company will undergo monthly third-party audits and publish attestations verifying its reserve holdings, a level of transparency lacking with Tether.

The new stablecoin from the XRP issuer arrives as Ripple awaits resolution in its high-stakes SEC lawsuit over XRP’s security status. While victorious on some fronts, with a court ruling that XRP itself is not a security, Ripple still faces charges over $728.9 million in alleged unregistered sales to institutions.

Launching its stablecoin is not just a revenue play for Ripple, but ties into advancing the XRP ecosystem. The token will provide another liquidity source complementing XRP for Ripple’s On-Demand Liquidity product used by banks and payment firms struggling to find sufficient XRP market depth in certain corridors.