Ripple has finalized preparations for the launch of its stablecoin RLUSD, which is poised to become a strong competitor to USDT. The new digital asset has received official approval from the New York Department of Financial Services (NYDFS). This was announced by Ripple CEO Brad Garlinghouse, who noted that RLUSD’s listing on exchanges and integration with partners are expected soon.
Initial plans for the creation of RLUSD were announced back in April 2024. At the time, Ripple stated that the stablecoin would be available on the Ledger and Ethereum platforms. The product’s testing phase began in the summer, and in October, the company revealed a list of partners, including major exchanges such as Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish. Furthermore, B2C2 and Keyrock will be responsible for maintaining liquidity.
Ripple’s CTO, David Schwartz, speaking at the Emerge conference in Prague, mentioned that the company hopes to fully launch RLUSD by the end of 2024. Despite earlier predictions, the launch initially scheduled for December 4 was slightly delayed. However, obtaining final approval from NYDFS raises hopes that the project’s timeline will no longer be postponed.
The key benefits of RLUSD make it a promising tool in the digital financial market. Firstly, it facilitates efficient cross-border payments, speeding up and reducing the cost of transfers between countries. Secondly, RLUSD will act as a convenient bridge between traditional currency and crypto assets, simplifying their exchange. Thirdly, the new stablecoin will be used to ensure liquidity, including collateral for goods and securities.
News of RLUSD has already impacted the crypto market. Amid positive expectations, the price of Ripple’s XRP token rose to $2.38, increasing its market capitalization to $136.12 billion (a 9.96% rise). Additionally, the 24-hour trading volume grew by 13.94%, reaching $24.25 billion.
Ripple is actively working to strengthen its position in the stablecoin market, and the RLUSD launch will be a significant step in this strategy. Attracting major players such as Uphold and Bitstamp, along with liquidity support from B2C2 and Keyrock, demonstrates the company’s serious ambitions. If the outlined plans are successfully implemented, RLUSD could significantly transform the digital payments market and enhance Ripple’s competitiveness in the global crypto industry.
