The stablecoin project, which Ripple first announced in April, is on track to launch on several major exchanges, including Bitstamp, next Tuesday, U.Today reported. Last week, the product received the green light from the New York State Department of Financial Services.
Cardano founder Charles Hoskinson has praised Ripple’s RLUSD stablecoin, calling it “brilliant” in his latest social media post.
According to cryptocurrency analytics platform CryptoQuant, nearly $66 million worth of RLUSD tokens have been minted in the past two weeks.
Ripple’s Jack McDonald has stated that the stablecoin could be used for instant settlement, collateral, DeFi integration, etc. The stablecoin project will have to compete with giants like Tether (USDT) and USDC (USDC). Ripple CEO Brad Garlinghouse has predicted a surge in demand for the dollar-backed token. Earlier, McDonald said that RLUSD would be the “gold standard” for compliance. He claimed that the coin would be one of the very few “fully regulated” stablecoins. The stablecoin will initially be available on XRP Ledger and Ethereum. However, Hoskinson also stated that he was working on launching the new product on Cardano. Ripple has previously confirmed that it will expand the list of available blockchains. As reported by U Today, Hoskinson held a meeting with Ripple CEO Brad Garlinghouse earlier this month. He praised the latter as “very cooperative”
