tl;dr
Ripple, the US-based enterprise company, announced the imminent deployment of its long-anticipated stablecoin, RLUSD. The stablecoin, backed by US dollar deposits, government bonds, and cash equivalents, received approval from the NYDFS and is set to launch today. The minted RLUSD tokens amount to n...
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Ripple announces deployment of long-anticipated stablecoin RLUSD, with majority minted on Ethereum network
RLUSD, backed by US dollar deposits and government bonds, set for cross-border payments and DeFi integration
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Ripple, the US-based enterprise company, announced the imminent deployment of its long-anticipated stablecoin, RLUSD. The stablecoin, backed by US dollar deposits, government bonds, and cash equivalents, received approval from the NYDFS and is set to launch today. The minted RLUSD tokens amount to nearly $66 million, with the majority on the Ethereum network. The stablecoin aims to facilitate cross-border payments, DeFi integration, and fiat-crypto bridging, entering a competitive market dominated by Tether's USDT and Circle's USDC. Ripple also added new members to its stablecoin Advisory board, signaling its ambition to revolutionize finance.
Ripple, the US-based enterprise company behind the third-largest cryptocurrency by market cap, made the headlines on December 16, announcing that its long-anticipated stablecoin is finally ready to be deployed, which will happen later today. There were a lot of speculations and fraud attempts ahead of the official statement, but CryptoQuant’s data shows that the actual number of minted new tokens has risen to almost $66 million. Interestingly, the majority of the RLUSD coins are on the Ethereum network – $52.9 million, while only $13.3 million have been minted on Ripple’s own – XRPL. The numbers are quite impressive, given the fact that the stablecoin has not officially seen the light of day yet. This is scheduled to take place later today, as reported yesterday. After receiving the necessary green light from the NYDFS, Ripple’s team announced on December 16 that RLUSD was going live the next day. Moreover, the stablecoin Advisory board has seen a couple of new additions – Raghuram Rajan (former RBI governor) and Kenneth Montgomery (former First VP and COO of Boston’s Federal Reserve). Ripple described RLUSD as the “future of finance.” It’s a stablecoin fully backed by US dollar deposits, government bonds and “other cash equivalents with monthly third-party audits.” It will receive multi-chain support, which is already evident by the minting process on Ethereum and XRPL, with other networks coming later. RLUSD is built for “cross-border payments, DeFi integration, and bridging between fiat and crypto.” Ripple aims to enter a highly competitive and growing stablecoin market. The total value of all such tokens has shot above $200 billion recently and is mostly dominated by Tether’s USDT and Circle’s USDC.
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ABOUT THE AUTHOR JORDAN LYANCHEV MORE POSTS BY THIS AUTHOR Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn JOIN OUR COMMUNITY Facebook X YouTube Telegram
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