Ripple stablecoin RLUSD goes live

Ripple stablecoin RLUSD launches globally on crypto platforms

2024-12-18 by Ndaman Olayinka 3 minutes read
Ripple stablecoin RLUSD launches globally on crypto platforms

The U.S.-based cryptocurrency firm Ripple has announced that its stablecoin, RLUSD, is now available on major cryptocurrency exchanges.

The Ripple USD (RLUSD) stablecoin was launched after its much-anticipated December 16 unveiling was formally announced. Ripple said in that message that RLUSD would launch on December 17 with significant launch partners, including some of the leading global cryptocurrency exchanges.

The release of the U.S. dollar-pegged stablecoin, which was delayed due to regulatory obstacles, is a major milestone for Ripple. Earlier this month, the New York State Department of Financial Services granted the company regulatory approval for RLUSD.

Ripple stablecoin RLUSD available on several crypto exchanges

In a post on X, Ripple CEO Brad Garlinghouse confirmed the stablecoin's launch on multiple exchanges. These consist of CoinMENA, ArchaxEx, MoonPay, Uphold, and Bitso. Mercado Bitcoin, Bullish, Zero Hash, Bitstamp, and Independent Reserve are expected to follow, according to Garlinghouse.

Features of RLUSD stablecoin

Similar to its rivals, RLUSD aims to provide an enterprise-class solution that merges the effectiveness of blockchain technology with the stability of fiat currency. In addition to participating in the rapidly expanding tokenized real-world assets market, users can use RLUSD for international payments and crypto on/off-ramping.

Ripple's senior vice president of stablecoins, Jack McDonald, referred to RLUSD as "mile 1 of the marathon." Along with on/off ramps and instant settlements, the stablecoin will facilitate decentralized finance integrations and collateralization.

Initial price drop of Ripple's stablecoin

Shortly after launch, RLUSD saw a 20% decline in value on decentralized exchanges despite being dollar pegged. However, according to data from XPMarket, the digital asset recovered swiftly and is currently trading at its intended $1 benchmark. Because RLUSD is a stablecoin, it is completely backed by reserve assets like cash and cash equivalents, which guarantees its stability even when the market is volatile.

As of the time of writing, the trading price of RLUSD is $1.00 and up by 0.23% in the last 24 hours, according to CoinMarketCap.

Ripple challenges stablecoin giants Tether and circle

The two biggest USD-pegged stablecoins by market capitalization, Tether and Circle, may face competition from Ripple as a result of this development. With a market share of almost $150 billion, Tether's USDT and Circle's USDC, the eighth-largest digital asset in the world at the moment, are competitors of Ripple's RLUSD.

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