Kava Labs USDX: A USD pegged stablecoin collateralized with XRP

Kava Labs, a San Francisco based company, provides Interledger solutions for blockchains, wallets, and exchanges. Kava’s solutions enable users to send and receive near-instant transactions, make cross-currency payments, and access liquidity on-demand. It recently raised $1.2 Million in funding from various investors, including Ripple’s Xpring initiative and Coil.

On May 16th, German XRPcommunity member Crypto Invest, found that Kava Labs is designing a stablecoin named as USDX. The stablecoin is pegged to a USD and collaterised with Ripple’s XRP.