Ripple's RLUSD stablecoin launches Dec 17, aiming to rival Tether and Circle by improving global payments and crypto accessibility.
RLUSD will run on Ethereum and XRP Ledger, marking a major milestone for Ripple and boosting its role in blockchain finance.
Despite pre-launch hype and inflated valuations, Ripple reassures stability, urging investors to avoid FOMO as the market adjusts.
Ripple announces its stablecoin pegged to the US dollar RLUSD to go live on December 17. The stablecoin will already go live on Uphold, MoonPay, and Bitso, among the key exchanges. Brad Garlinghouse, the chief executive of Ripple, also confirmed the launch on different platforms, saying other exchanges will follow, including Bullish and Bitstamp. RLUSD is natively available on both Ethereum and the XRP Ledger; that in itself is a milestone for Ripple.
https://twitter.com/Ripple/status/1869011382852878592 Ripple’s RLUSD Stablecoin: A Game-Changer for Blockchain Payments
Ripple wants to beat Circle and Tether in market capitalization. This is another stablecoin pegged against the US dollar, thereby stable and reliable. Combining the best of cash with the most useful of blockchain technology.
It does this by making it easier and more accessible to use major real-world assets as digital tokens, improving how money is sent across borders, and simplifying the step between cryptocurrency and regular money. With RLUSD, Ripple hopes to provide an enterprise-grade solution that offers a scalable and effective means of transferring digital assets over the globe.
Due to regulatory barriers, Ripple was unable to launch RLUSD on schedule. However, permission from the New York State Department of Financial Services earlier this month allowed Ripple to launch. Now that Ripple has this accreditation, it can participate in the stablecoin market.
Jack McDonald, senior vice president of Ripple, stressed that the launch of RLUSD is only the first step. Referring to it as "mile 1 of the marathon," he highlighted its potential for use in collateralization and decentralized finance (DeFi) in the future.
Stablecoin Value and Investor Caution
In spite of the RLUSD's excitement, there have been cases where pre-market valuations have been exaggerated. Early bids were as high as $1,244 in RLUSD. David Schwartz, the chief technology officer at Ripple, responded to this problem.
He cautioned that if supply stabilizes, such high prices won't last long. Investors were reassured by Schwartz that arbitrageurs would aid in normalizing the value of the RLUSD. Additionally, he warned against FOMO, reminding users that the stablecoin's objective is stability rather than speculation.
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