Andre Casterman, former global head of corporate and trade markets at SWIFT, has described the Ripple USD (RLUSD) stablecoin as a"game changer" for cross-border payments.
"Corporates and SMEs will be the first ones to love it. Working capital lenders will extend the faster settlement benefits to their SME clients," he said in his X social media post.
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As reported by U.Today, the much-talked-about stablecoin was officially launched on Tuesday after months of anticipation.
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Notably, it has already been added to the list of greenlit coins on thewebsite of the New York State Department of Financial Services.
Ripple's Jack McDonald highlighted the company's emphasis on regulatory compliance, stating it will be one of very few fully regulated stablecoins.
The stablecoin market is already crowded with major players like Tether, whose USDT stablecoin has a market cap of $140 billion.
Earlier this year, Ripple CEO Brad Garlinghouse suggested that the U.S. government might be going after the leading stablecoin issuer, prompting a harsh response from Tether's Paolo Ardoino.
Circle's USDC stablecoin, which boasts a market cap of more than $42 billion, is likely to be RLUSD's main competitor since both players prioritize regulatory compliance. However, Circle does not have its own blockchain, which means that Ripple will be able to offer the whole package.
