$XRP
Ripple has officially launched a new stablecoin called RLUSD on December 17, 2024, after receiving approval from the New York State Department of Financial Services (NYDFS).
RLUSD is a stablecoin pegged 1:1 to the US dollar, with each token fully backed by US dollar deposits, government bonds, and cash equivalents. Ripple is committed to providing monthly reports on the stablecoin's reserves through independent third-party audits, to ensure transparency and user trust.
Initially, RLUSD is available on several trading platforms, including Uphold, Bitso, MoonPay, Archax, and CoinMENA. Ripple plans to expand the availability of RLUSD to other platforms in the coming weeks, such as Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and Zero Hash.
Monica Long, President of Ripple, stated that the launch of RLUSD is a significant milestone for Ripple and the XRP Ledger, with the stablecoin expected to play a key role in Ripple's payments ecosystem. This move demonstrates Ripple’s commitment to providing a stable and trustworthy product from day one.
However, David Schwartz, Ripple’s CTO, warned that RLUSD may experience price volatility and supply shortages in the early stages of its launch. He advised users not to get caught up in the fear of missing out (FOMO) and to be careful when transacting with this new stablecoin.
With the launch of RLUSD, Ripple enters the growing stablecoin market, seeking to increase efficiency and reduce costs in cross-border payments, and expand its product ecosystem in the fintech industry.