tl;dr
Ripple has announced the upcoming launch of its stablecoin RLUSD, aiming to provide stability and transparency in its ecosystem. The stablecoin will be backed by equivalent assets like US dollars and government bonds, and will be accessible on both the XRP Ledger and Ethereum. Despite legal hurdles,...
Ripple has revealed plans for the upcoming launch of its stablecoin RLUSD, set to provide stability and transparency within its ecosystem. This stablecoin, backed by equivalent assets such as US dollars and government bonds, will be available on both the XRP Ledger and Ethereum. Despite legal challenges, Ripple is venturing into the competitive stablecoin market, with RLUSD scheduled for launch later this year. This move aligns with Ripple's broader expansion strategy, aiming to bridge the gap between traditional finance and the digital currency ecosystem.
Ripple's XRP token has seen a slight surge in the last 24 hours but has faced declines over the past week and month.
Key points:
- Ripple announces RLUSD stablecoin for XRP Ledger and Ethereum.
- RLUSD aims to enhance stability and transparency in Ripple’s ecosystem.
- Ripple enters competitive stablecoin market despite legal hurdles.
Ripple, known for its XRP token, disclosed the impending launch of its stablecoin RLUSD (Real USD) during the XRP Ledger Apex summit. While the specific launch date is yet to be specified, the move is part of Ripple's broader expansion plans. The company officially announced the platform's 1:1 USD-backed stablecoin via an X post and confirmed its launch later this year.
Reportedly, with the introduction of RLUSD, Ripple seeks to bring stability to transactions within the XRP Ledger (XRPL) and Ethereum, offering broader utility across different blockchains. Earlier indications from Ripple suggested that the stablecoin would be supported by assets like US dollars, US government bonds, and cash equivalents, positioning it as a significant venture into the $150 billion stablecoin market.
Despite ongoing legal challenges, Ripple's Middle East and Africa Managing Director, Reece Merrick, has affirmed the stablecoin's launch. The company aims for RLUSD to bridge the gap between traditional finance and the modern digital currency ecosystem.
Amid this development, XRP has shown a 1.26% surge in the last 24 hours, trading at $0.4864. However, the token has experienced declines of 7.55% and 3.81% over the past week and month, respectively.