Ripple Labs President, Monica Long, recently shared an update about the demand for RLUSD, Ripple’s new USD-backed stablecoin. In a post on X, she highlighted the increasing need for USD-based stablecoins, especially in Latin America. Long stated that RLUSD is designed to meet this demand by providing a stable and accessible digital asset while securing transactions and storing value.
Interest in RLUSD Increases Ahead of Launch
Long’s comments come when the Interest in USD-backed stablecoins grows worldwide, especially in emerging markets. People in these areas use stablecoins to send money, make payments, and save. RLUSD aims to offer a clear asset that appeals to retail and institutional clients seeking dependable digital currency options.
Likewise, Long talked about Ripple’s plans to offer stablecoins linked to other major currencies, like the euro (EUR) and the Singapore dollar (SGD). This could help Ripple reach more markets and increase the use of stablecoins in different areas, meeting various customer needs. Also, she confirmed that RLUSD has clients ready to use the stablecoin as soon as it launches.
This early interest shows that clients trust RLUSD and need stablecoin solutions in certain markets. As Ripple gets ready for the RLUSD launch, Long’s comments highlight the potential impact of the stablecoin on the financial landscape.
Ripple CTO Suggest Only Institutional Access to RLUSD
As reported by TheCoinRise, Ripple CTO David Schwartz suggested that the crypto will likely be accessible only to institutions. He indicated this is the existing culture with other top stablecoins, citing Tether’s USDT and Circle’s USDC. The Ripple executive noted that he has never gotten these stablecoins directly from their issuers but from third-party institutions.
Schwatrz’s statement responded to an X user who asked if the RLUSD stablecoin would only be accessible to institutions or crypto retailers. In this user’s opinion, restricting RLUSD to institutional access could protect stablecoins from certain risks. Some existing stablecoins, like USDT, are already facing these risks.
RLUSD: Designed for Regulatory Compliance and Enterprise Solutions
In a press release, Ripple’s CEO Brad Garlinghouse disclosed that Ripple’s RLUSD is designed for enterprise use cases. It focuses on real-time global payments and bridging the gap between fiat and crypto. RLUSD will be a stable on/off-ramp, enabling companies to move seamlessly between traditional financial systems and digital assets.
Each RLUSD token will be issued under a New York Trust Company Charter. Impressively, it is set to operate on both the XRP Ledger and Ethereum blockchains. Notably, Garlinghouse mentioned that Ripple’s RLUSD will not go public in the United States. This is primarily because the Securities and Exchange Commission’s (SEC) quite adversarial approach towards virtual assets.
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