As a seasoned crypto investor with a keen eye for promising projects and a knack for spotting trends, I find Ripple‘s latest announcement of its globally tradable stablecoin, RLUSD, nothing short of intriguing. Having witnessed the rise and fall of countless digital currencies, I am always on the lookout for projects that not only promise stability but also have a solid roadmap for growth and real-world application.
Starting tomorrow, December 17, Ripple is set to make its newly developed stablecoin, Ripple United States Dollar (RLUSD), available for global trading.
The RLUSD, which is a digital currency pegged to the U.S. dollar, recently gained approval from the New York State Department of Financial Services (NYDFS) on December 10th. With this authorization, it can now make its debut in both the international financial system and the world of cryptocurrencies.
Ripple has additionally established a consultative panel for RLUSD, comprising eminent specialists such as a previous governor from the Reserve Bank of India.
In June, Ripple launched its RLUSD stablecoin, a digital currency that is directly tied to one US dollar and is bolstered by investments in U.S. government securities and similar financial instruments.
Initially, RLUSD can be accessed across significant platforms including Uphold, MoonPay, Archax, and CoinMENA. In the near future, it will also become available on other platforms such as Bitso, Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and Zero Hash.
Ripple intends to achieve widespread usage of RLUSD on a global scale, with plans to increase its presence in regions such as the Americas, Asia-Pacific, the United Kingdom, and the Middle East by leveraging its partnership network.
Ripple intends to utilize its RLUSD stablecoin not only as a compliant digital currency, but also as an instrument for facilitating international transactions and handling Treasury remittances.
By the beginning of 2025, Ripple plans to incorporate Real-Legal USD (RLUSD) into its payment system, Ripple Payments, with the aim of facilitating seamless global transactions for corporate clients. Notably, Ripple Payments has already handled transactions worth $70 billion across 90 different markets.
In simpler terms, RLUSD (Rai Stablecoin USD) can work with various DeFi (Decentralized Finance) systems, providing access to both onboarding (on-ramp) and offboarding (off-ramp) services. This digital currency is intended to serve as security for trading tokenized real-world assets, such as commodities, stocks, bonds, and government securities, on blockchain networks.
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2024-12-16 23:33