Crypto firm Ripple launched a stablecoin pegged to the U.S. dollar on Tuesday, looking to disrupt a market in which the top two incumbents account for nearly 90% of the value.

Ripple, the international digital payment network behind XRP, is ready to launch its own stablecoin — pending regulatory approval. RLUSD, which has been in development since April, will join the growing ranks of stablecoins backed by the U.

Ripple's upcoming stablecoin will leverage its established position for payments and be a key bridge for real-world asset tokenization, Ripple Labs President Monica Long told CoinDesk in an interview.