Ripple Launches RLUSD Stablecoin Soon, Here's the Progress!
2024-11-13
Bittime - Last April, Ripple announced plans to launch the RLUSD stablecoin, which will have an exchange rate of 1:1 against the US dollar.
Since the announcement, many have been looking forward to the development of the RLUSD stablecoin, especially with the news that this stablecoin will be available on the XRP Ledger (XRPL) and the Ethereum network.
RLUSD Stablecoin Progress
In August 2024, Ripple began the beta testing phase for its RLUSD stablecoin. Monica Long, President of Ripple, stated that the Ripple team is operationally ready to launch this stablecoin.
However, he emphasized that RLUSD can only be purchased and traded after obtaining approval from the New York Department of Financial Services (NYDFS) which is reviewing this stablecoin.
Read Also: Ripple's RLUSD Stablecoin: Everything You Need to Know
Exchange for RLUSD Stablecoin
Meanwhile, Ripple has announced a number of exchanges that will support RLUSD trading, such as Bitstamp, Bitso, Uphold, Bullish, CoinMENA, Independent Reserve, and MoonPay.
This indicates that Ripple is ready to distribute its RLUSD stablecoin to the global market once all the necessary permits have been approved.
Potential of RLUSD Stablecoin
According to Monica Long, the potential for the stablecoin market will become even greater in the next few years. He predicts the market capitalization for all stablecoins will increase from about $180 billion to more than $3 trillion.
The main factor behind this increase is the increasing demand for fast and efficient payment tools, which stablecoins offer.
Apart from that, Monica Long also predicts that in the future stablecoins will be more diverse. Not only is it pegged to the US dollar, but also to other fiat currencies such as the euro, yen and others.
Thus, the RLUSD stablecoin could play an important role in the early stages of this trend as one of the dollar-based stablecoins, before the stablecoin market develops with more varied fiat currencies.
Read Also: Stablecoin Domination, Reaches Highest Market Capitalization Since May 2022!
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