Ripple's RLUSD stablecoin gains regulatory approval and is ready for exchange listings.
RLUSD aims to deliver secure and fast transactions on two blockchain networks.
Ripple partners with trusted platforms and liquidity providers to ensure a smooth rollout.
Ripple testing has reached a major milestone as the New York Department of Financial Services approved its RLUSD stablecoin. CEO Brad Garlinghouse announced this news on December 10 and said that partner and exchange listings would begin soon. The RLUSD coin is fully backed by USD deposits, today's Treasury bonds, and other cash reserves, ensuring its stability.
https://twitter.com/AbsGMCrypto/status/1866622597506474035 Ripple’s Entry into the Stablecoin Market
Ripple announced RLUSD in April, intending to compete with USDT and Circle’s USDC. Testing began in August on the XRP Ledger and Ethereum mainnets to ensure compatibility. By October, Ripple secured partnerships with platforms like Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish to support RLUSD’s rollout. Liquidity providers such as B2C2 and Keyrock will help facilitate smooth transactions for the stablecoin.
The approval from NYDFS demonstrates Ripple’s commitment to adhering to high regulatory standards, which strengthens confidence in RLUSD’s reliability. By operating on two blockchains, RLUSD enhances compatibility and streamlines transactions for users seeking stability in volatile markets. Ripple aims to integrate RLUSD into its remittance services and settlement systems, offering an alternative to fluctuating digital currencies.
Ripple’s move into the stablecoin market is seen as an attempt to gain ground in this competitive space. Analysts believe RLUSD could also increase the liquidity and utility of XRP, which plays a crucial role in Ripple’s ecosystem. Garlinghouse expressed optimism about exchange listings and highlighted the potential for market adoption.
Preventing Fake RLUSD Listings
Garlinghouse cautioned users against fake RLUSD token listings and encouraged reliance on official Ripple updates for accurate information. He addressed speculation around a December launch date, clarifying that announcements would come only from Ripple’s verified channels. This proactive step aims to ensure clarity and avoid misinformation about RLUSD’s rollout.
The token launch is a critical part of Ripple’s strategy to recover its U.S. operations following legal challenges with the SEC. The lawsuit, initiated in 2020, disrupted Ripple’s activities and affected XRP’s market position.
The token now seeks to challenge Tether, which dominates over 75% of the stablecoin market. As the stablecoin sector grows and is projected to reach $2.8 trillion by 2028, RLUSD could play a key role in capturing market share. Platforms like Uphold and Bitstamp will host RLUSD while liquidity is supported by major deal makers.
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