RLUSD Is Here: Ripple’s Operationally Ready Stablecoin Unveiled
Ripple has just reached an important milestone, with its President Monica Long confirming that the company’s new stablecoin, RLUSD, is ready for use. This stablecoin is designed to complement Ripple’s main token, XRP, by offering a steadier and more reliable option for people in the crypto world.
Long shared this news during her appearance on The Scoop, where she explained how RLUSD could improve Ripple’s payment solutions. The idea behind RLUSD is simple: it gives users a way to trade tokenized U.S. dollars on the blockchain, helping them avoid the unpredictable volatility that is common in the crypto market.
Ripple Taps Growing Stablecoin Demand Globally
Ripple’s focus on stablecoins fits into a larger shift in the crypto market. Long mentioned that countries in Latin America have shown a growing interest in stablecoins tied to the dollar. Europe and Asia are also seen as areas for growth. Ripple plans to offer stablecoins not just in U.S. dollars but also in other currencies like the euro and Singapore dollar.
Besides meeting market demand, Ripple also hopes to attract developers who can create decentralized apps on the XRP Ledger. By offering RLUSD on the $XRP Ledger, Ripple is opening up new possibilities for the decentralized finance (DeFi) sector, offering a strong foundation for developers to innovate and grow.
Ripple’s RLUSD Regulatory Journey
Launching a stablecoin comes with a big challenge: following the rules set by regulators. RLUSD will be fully backed by reserves, including short-term U.S. Treasury bonds, dollar deposits, and cash equivalents. Ripple has committed to monthly attestations of its reserves, which will be verified by the San Francisco-based accounting firm BPM.
Ripple’s RLUSD will be fully supported by reserves, such as short-term U.S. Treasury bonds, dollar deposits, and cash-like assets.