Ripple’s upcoming RLUSD stablecoin is attracting bids of up to 836 XRP on on-chain marketplaces ahead of its release on Tuesday. This suggests enthusiasm among users who want to be among the first to hold the token. Bids range from 500 XRP to as high as 836 XRP as of the Asian morning hours on Tuesday, as viewed by CoinDesk on the Xaman application.
Each XRP is currently worth just under $2.5. Ripple Labs CTO David Schwartz said that someone is willing to pay $1,200 for a tiny fraction of one RLUSD. However, he noted that the price will quickly return to close to $1 once supply stabilizes. Speculators may engage in high-priced transactions for small quantities of a new token to gain early access or capitalize on novelty.
RLUSD may not have enough liquidity to maintain its peg effectively in the first few hours after launch, leading to some price discrepancies from the intended $1 peg. However, each token will be redeemable for only a dollar, and it is unlikely to remain depegged for an extended period. RLUSD is set to go live on the XRP Ledger (XRP) on Tuesday, with initial listings on several exchanges and crypto platforms, including Uphold, MoonPay, Archax, and CoinMENA.
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