$XRP Ripple’s RLUSD Stablecoin Officially Launched with New York Department of Financial Services Support

Ripple officially announced the launch of its RLUSD stablecoin in December, after receiving approval from the New York Department of Financial Services (NYDFS). The stablecoin, which is pegged 1:1 to the US dollar, is part of Ripple’s strategy to enhance cross-border payment solutions.

Widespread Adoption

Upon launch, several trading platforms adopted the new stablecoin, including Uphold, Bitstamp, and Bitso. Recently, Bullish added RLUSD to its roster, offering a wide range of trading pairs across major cryptocurrencies and fiat currencies.

Initial Volatility and Relative Stability

RLUSD saw minor price fluctuations upon launch, ranging between $0.96 and $1.06. However, the price has currently stabilized at around $0.99.

In this context, David Schwartz, Ripple's chief technology officer, indicated that initial volatility is expected. He explained that stablecoins are designed to provide stability in the market and not to generate large profits, warning against speculation on them.

Impact on XRP Price

The launch of "RLUSD" coincided with a significant increase in the price of Ripple's digital currency XRP, as its price rose to 2.$70 before seeing a drop to less than $2.