The American company Ripple announced the launch of a fund designed to accelerate XRP Ledger innovation for the Japanese and South Korean markets.

Emi Yoshikawa, vice president of strategic initiatives at Ripple, said that the company sees significant potential for development in the Japanese and South Korean markets and intends to support the innovation of regional crypto communities in the field of blockchain.

Yoshikawa added that for this purpose, the company formed a special fund, the XRP Ledger Japan and Korea Fund, which became part of the long-term technical and business support program for Ripple XRPL Grants developers.

The fund’s funds will be used to support Ripple communities in both countries, including initiatives by corporate and private groups, as well as grants for XRP Ledger developers and startups.

Previously, the company announced that it was going to launch its own dollar stablecoin and intends to compete in the market with the largest issuers Tether and Circle. It is planned that the future stablecoin will be backed by an equivalent amount of reserves in US dollars, as well as US government bonds.