In a recent tweet, Ripple shared a short clip featuring its president, Monica Long, who provided valuable insights into the newly launched RLUSD stablecoin. This new stablecoin aims to set a new benchmark in the stablecoin landscape.
Stablecoin issuance and use are increasing globally, with the market expected to reach $3 trillion in the next five years. Key to this sustained expansion are crypto regulations, which will help advance the use of stablecoins and usher in a new era of financial innovation.
The stablecoin market is growing, but trust, compliance, and utility are critical. 🪙Enter Ripple USD: https://t.co/Nu2yqsAYpjRipple President @MonicaLongSF explains why Ripple built $RLUSD to set a new benchmark for stablecoins. pic.twitter.com/Rfz0SXQiMx
— Ripple (@Ripple) December 18, 2024
Days after its launch, Ripple President Monica Long explained why Ripple built RLUSD to set a new benchmark for stablecoins. According to Long, the stablecoin market is growing, but trust, compliance and utility are critical, hence the need for the RLUSD stablecoin.
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Issued on XRP Ledger and Ethereum, Ripple USD opens the door to multiple ecosystems, and according to Ripple, it is built with regulatory compliance as a defining feature.
In a tweet ahead of the RLUSD launch, Long stated that the release of RLUSD heralds a new chapter for both XRP Ledger and Ripple's use in its over $70 billion payment flows.
Ripple stablecoin kicks off on positive note
Ripple USD (RLUSD) went live on global exchanges on Dec. 17, 2024, marking a significant milestone for Ripple and the XRP community.
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RLUSD claims to be an enterprise-grade, USD-denominated stablecoin and one of the few issued under a New York Trust Company Charter, which ensures strict oversight and regulation. Ripple has formed an advisory board that includes former Federal Deposit Insurance Corporation (FDIC) Chair Sheila Bair; Raghuram Rajan, former governor of the Reserve Bank of India; and Kenneth Montgomery, former First Vice President and Chief Operating Officer of the Federal Reserve Bank of Boston.
Statistics shared 24 hours after the RLUSD launch indicate that the stablecoin has kicked off on a positive note. The total supply was given as 68,200,300 RLUSD; 15,100,171 RLUSD minted on XRP Ledger; 53,100,129 RLUSD minted on Ethereum; $1,700,000 volume reported on XRPL DEX (without AMM); 32,908 trustlines on XRPL; 5,875 holders on XRPL and 492 holders on Ethereum.
