Ripple, a US-based enterprise company, has announced the readiness of its long-anticipated stablecoin. CryptoQuant’s data shows that $66 million worth of RLUSD coins have been minted ahead of the official launch. Most of the coins are on the Ethereum network, with $52.9 million, while only $13.3 million have been minted on Ripple’s own – XRPL.
The stablecoin will officially launch later today, following approval from the NYDFS. RLUSD is described as the “future of finance” and will be fully backed by US dollar deposits, government bonds, and other cash equivalents with monthly third-party audits. The company aims to enter a highly competitive and growing stablecoin market, currently dominated by Tether’s USDT and Circle’s USDC.
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