Ripple is set to make waves in the financial world with the launch of its new stablecoin, RLUSD, slated for trading from Tuesday, December 17. This launch follows the recent approval from the New York State Department of Financial Services (NYDFS), marking Ripple’s strategic entry into the fiercely competitive $203 billion stablecoin market.
RLUSD: Dual Blockchain Presence
The RLUSD stablecoin will be backed by the U.S. dollar and issued on two major blockchains: Ethereum and the XRP Ledger. To begin with, RLUSD will be listed on select global exchanges, with a roadmap for further expansion. However, it will not be available on Coinbase at the time of launch. Ripple shared this exciting announcement on Monday.
Strategic Advisory Appointments
In a significant move to bolster its offering, Ripple has appointed notable figures to its RLUSD advisory board. Among them is Raghuram Rajan, a former governor of the Reserve Bank of India, who will bring invaluable insights and guidance to the development and adoption of RLUSD.
Ripple’s Impressive Global Reach
Ripple Payments has already established a formidable presence by processing $70 billion across 90 markets worldwide. This expansive reach highlights Ripple’s commitment to transforming the landscape of cross-border payments.
Driving Growth Through Stablecoins
According to Jack McDonald, Ripple’s senior vice president of stablecoins, the decision to launch RLUSD was driven by the burgeoning growth in cross-border payments. McDonald noted, “As we’ve been using stablecoins more and more in our flows, that really piqued our interest to have our own native stablecoin that can be more cost-effective and operationally efficient to use.”
RLUSD: A Game-Changer for Business Payments
RLUSD is poised to revolutionize business payments by offering a compliant and efficient stablecoin solution. This innovation will enable payment service providers to explore new markets and offer seamless cross-border settlements for remittance and money transfer providers. With easy fiat and crypto on/off ramps, RLUSD also aims to help centralized exchanges boost trading volume through a trusted and transparent stablecoin.
Streamlining Global Transactions
Through RLUSD, Ripple intends to streamline global transactions and foster growth across multiple sectors. This strategic move is expected to enhance the efficiency and reliability of international payments.
XRP Price Reacts to RLUSD Launch
As excitement builds around the launch of RLUSD, XRP’s market performance has shown positive momentum. At the time of writing, XRP is trading at $2.46, reflecting a more than two percent increase in the last 24 hours. With the impending launch, the price is aiming to capture the crucial $2.50 level, and there is potential for a historic surge in value.
In conclusion, Ripple’s introduction of RLUSD marks a significant milestone in the stablecoin market, promising to redefine business payments and streamline global transactions. Stay tuned for more updates as RLUSD begins its journey to reshape the financial landscape.
