As a seasoned analyst with over two decades of experience in the financial industry, I must say that Ripple‘s launch of its stablecoin, RLUSD, is a strategic move that could potentially shake up the current market landscape. Having closely followed the developments in the cryptocurrency space and witnessed the rise and fall of numerous players, I am particularly intrigued by Ripple’s ambitious plans to challenge the dominance of Tether (USDT) and Circle (USDC).
The US-based cryptocurrency firm, Ripple, has revealed that its stablecoin, XRD (Ripple’s Stable USD), is now operational on significant digital asset trading platforms.
As an analyst, I am excited to announce that following Ripple’s official declaration on December 16, the highly anticipated launch of their stablecoin, Ripple USD (RLUSD), is set for December 17. In this announcement, Rippe revealed that RLUSD would be live with key launch partners, which include some of the world’s most influential crypto exchanges and platforms.
Ripple CEO Brad Garlinghouse confirmed the stablecoin’s launch on several exchanges in a post on X. These include Uphold, MoonPay, CoinMENA, ArchaxEx, and Bitso. Garlinghouse also noted that Bullish, Mercado Bitcoin, Bitstamp, Zero Hash, and Independent Reserve are set to follow.
RLUSD is natively live on both Ethereum and Ripple’s XRP Ledger.
After facing delays due to regulatory challenges, Ripple’s US dollar-backed stablecoin, RLUSD, has officially launched, signifying a significant achievement for the company. Earlier this month, Ripple received regulatory approval from the New York State Department of Financial Services for its stablecoin.
This advancement could place Ripple as a contender aiming to rival the market leaders, Tether (USDT) and Circle (USDC), in the field of USD-backed stablecoins, the two largest in terms of market capitalization.
Just like other competitors in the field, RLUSD strives to offer a robust solution that seamlessly blends the reliability of traditional currencies with the speed and technology of blockchain networks. This versatile platform enables users to make global transactions, convert between cryptocurrencies and traditional money (known as on/off ramping), and tap into the thriving market of tokenized real-world assets.
According to Jack McDonald, the Senior Vice President of Stablecoins at Ripple, RLUSD has been referred to as the starting point or “the first mile” in a long race, much like the beginning of a marathon. Beyond providing instant settlements and on/off ramps, this stablecoin is designed to accommodate collateralization and integrations with decentralized finance solutions.
In a notable surge over the past few months, XRP (XRP) experienced a 4% increase following the official release of RLUSD. Over the last seven days, this cryptocurrency has soared by an impressive 27%, and in just the last month, it’s gained an astonishing 141%.
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2024-12-17 20:17