BCGAME - Free 5BTC Daily Bonus!- RLUSD launches on December 17, 2024.
- Stablecoin will be issued on the Ethereum and XRP Ledger networks.
- XRP records an 8% increase, reaching $2,56 in the market.
Ripple has officially confirmed the launch of its fully dollar-backed stablecoin Ripple USD (RLUSD) for Tuesday, December 17. This digital asset will initially available on platforms such as Uphold, Bitso, MoonPay, Archax and CoinMENA, with promises of expansion to other exchanges in the coming weeks, including Bitstamp, Mercado Bitcoin and Zero Hash.
The wait is over: RLUSD launches globally tomorrow!https://t.co/mYcyyX6Vre
- Ripple (@Ripple) December 16, 2024
Each RLUSD will be backed by deposits in US dollars, US government bonds, and cash equivalents. According to Ripple, an independent auditor will be responsible for attesting to the stablecoin’s reserves, with monthly reports to ensure transparency.
Ripple CEO Brad Garlinghouse said: “From the outset, we chose to launch our stablecoin under the NYDFS regulation, which is recognized as a global regulatory standard.” The move reflects the company’s efforts to align with a clearer regulatory landscape in the U.S., which could boost the adoption of stablecoins like RLUSD.
RLUSD will be issued on the Ethereum blockchain and the XRP Ledger, expanding its accessibility and integration into decentralized ecosystems. Additionally, Ripple plans to utilize the stablecoin in its global payments network, Ripple Payments, which has already handled over $70 billion in transaction volume.
The impact of the announcement was also felt in the crypto market. Ripple-linked XRP token rose 8% to $2,56, solidifying its position as the third-largest cryptocurrency by market cap, surpassing Tether (USDT).
The arrival of RLUSD comes at a time of growing adoption of stablecoins in the global market, reinforcing Ripple's position as one of the main competitors in the segment, alongside giants such as Tether and Circle.
Jack McDonald, Ripple’s vice president of stablecoins, highlighted that RLUSD is a response to the growing demand for more efficient and cost-effective cross-border payment solutions. “We were increasingly using stablecoins in our payment flows, which led us to develop our own stablecoin to streamline our processes.”
At the time of publication, the price of XRP was quoted at US$2,52, up 3.9% in the last 24 hours.
Ripple has reinforced that its goal is to integrate RLUSD into a greater number of blockchains and decentralized finance applications in the future, consolidating its position in the global digital payments market.
