Ripple’s new stablecoin, RLUSD, will be available for trading starting Tuesday (December 17), following approval from the New York State Department of Financial Services (NYDFS) earlier this month. This launch marks Ripple’s entry into the highly competitive $203 billion stablecoin market.
The U.S. dollar-backed stablecoin will be issued on both the Ethereum blockchain and the XRP Ledger. Initially, it will be listed on select global exchanges, with plans for further expansion. However, RLUSD will not be available on Coinbase at launch. Ripple made the announcement on Monday.
Ripple also revealed key appointments to its RLUSD advisory board, including a former governor of the Reserve Bank of India Raghuram Rajan is all set to join the RLUSD advisory board.. Ripple Payments has processed $70 billion across 90 markets worldwide.
“Part of the impetus for us wanting to launch a stablecoin is the growth we’ve seen specifically in cross border payments. As we’ve been using stablecoins more and more in our flows, that really piqued our interest that we should have our own native stablecoin that can be more cost effective and more operationally efficient to use,” Jack McDonald, Ripple’s senior vice president of stablecoins, told CNBC.
RLUSD For Business:
RLUSD also aims to revolutionize business payments by providing a compliant, efficient stablecoin solution. It enables payment service providers to access new markets, offers remittance and money transfer providers seamless cross-border settlements with easy fiat and crypto on/off ramps, and helps centralized exchanges boost trading volume with a trusted, transparent stablecoin. Through RLUSD, Ripple plans to streamline global transactions, driving growth across multiple
XRP Price Reacts:
At the time of writing, XRP is trading at $2.46 and is up by more than two percent in the last 24 hours. The price is now aiming to capture the crucial $2.50 level. However, the price could surge after tomorrow’s launch and make history.
