In response to recent issues in the stablecoin market, Matt Hamilton, former director of developer relations at Ripple and now the chief developer of Protocol Labs, said on social media that XRP Ledger is the first blockchain to support so-called stablecoins.
On XRPL, this type of asset is named and called an IOU (I owe you) instrument, that is, a debt obligation where a user lends $1,000 in exchange for 1,000 USDC and Circle will return it on demand, such a system requires users to clearly identify How much they trust their counterparty.
Matt Hamilton said that the concept of stablecoins changed because of the arrival of Ethereum, because people began to regard stablecoins such as USDT or USDC as assets themselves, rather than liabilities of other assets.