San Francisco-based blockchain company Ripple has officially confirmed that the Rippe USD (RLUSD) stablecoin is going to be launched on Dec. 17.
The stablecoin product will appear on leading cryptocurrency trading platforms shortly after its launch.
The list of exchanges will include Bitstamp, according to Ripple's Cassie Craddock.
As reported by U.Today, the much-talked-about stablecoin obtained approval from the New York State Department of Financial Services (NYDFS) last week.
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In his statement, Ripple CEO Brad Garlinghouse said that he expects to see broader adoption of stablecoin products. According to Garlinghouse, they offer "real utility."
The XRP token is up a relatively modest 1.5% on the news. The incoming launch of the stablecoin product has been mostly priced in by the market. The launch of the RLUSD stablecoin comes after the XRP experienced an enormous rally.
As reported by U.Today, David Schwartz, chief technology officer at Ripple, recently warned against speculating on the price of the price of the much-hyped stablecoin after someone expressed willingness to buy just a fraction to buy just a fraction of one token for $1,200. Schwartz has warned that the supply of the stablecoin will stabilize within an extremely short period of time.
While commenting on the announcement, Schwartz said that he expected to see more liquidity on the XRP Ledger because of the RLUSD stablecoin. He added that there are "countless" opportunities for developers and users "who want the benefits of XRPL, RLUSD, and XRP."
"RLUSD is launching from Day 1 with credibility, utility, and a whole host of partners ready to support it!" Ripple President Monica Long said in her recent post.
