Ripple Labs the parent company of XRP finally launched its new stablecoin yesterday which is currently trading live on top exchanges.
The development was announced via the official X handle of Ripple highlighting the unique offers the new stablecoin is bringing to the table.
“Ripple USD (RLUSD) is now live on global exchanges. An enterprise-grade stablecoin built for everyone, $RLUSD combines fiat stability with blockchain efficiency:
Instant global payments, 24/7
Seamless on/off ramps
Access value in real-world assets” Ripple Labs Tweeted
The launch of the Ripple USD (RLUSD) stablecoin follows the official announcement of its highly anticipated unveiling on December 16. In that communication, Ripple stated that RLUSD would go live on December 17 with key launch partners, including some of the world’s leading crypto exchanges and platforms.
Ripple CEO Brad Garlinghouse initially confirmed the Stablecoins launch highlighting the various exchanges the stablecoin will be available on. The CEO in an x post listed several Decentralized exchanges including 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.
Milestone achieved by Ripple
Ripple Labs which is still engaged in a legal Tussle with the US SEC marked a significant milestone by launching its own stablecoin. The company joins the ranks of Tether, Circle, and Paypal as payment companies with stablecoins.
The company secured regulatory approval for RLUSD from the New York State Department of Financial Services earlier this month.
This development positions Ripple as a potential challenger to the dominance of stablecoin giants Tether and Circle the two largest USD-pegged stablecoins by market cap.
RLUSD aims to compete in the stablecoin space by aligning with the unique value proposition of stablecoins
The stablecoin aims to deliver an enterprise-grade solution that combines the stability of fiat currency with the efficiency of blockchain technology. Users can leverage RLUSD for global payments, crypto on/off ramping, and participation in the rapidly growing tokenized real-world assets market.
XRP Price Analysis
XRP surged by 4% following the announcement of the RLUSD launch but at the time of the report, the price had cooled down by 6.7% in the last 24 hours.
XRP remains the fourth largest crypto asset by market capitalization with a market cap of $139 billion.
What to know
- Stablecoins are a type of cryptocurrency that is designed to maintain a stable value, usually by being pegged to a reference asset like the US dollar, gold, or another cryptocurrency.
- Examples of Stablecoins include Tether USDT, Ripple RLUSD, Circle USDC, and Paypal’s PYUSD.
