Blockchain payments firm Ripple Labs Inc. is launching its new stablecoin, RLUSD, on global exchanges starting Tuesday, December 17, 2024.
According to the announcement, RLUSD is designed as an easy-to-use stablecoin that operates strictly under compliance. With the RLUSD launch, Ripple aims to set a new standard in the stablecoin market.
Ripple Labs RLUSD Debut
At launch, users can find RLUSD on major platforms like Uphold, MoonPay, Archax, and CoinMENA. Ripple also plans to add more exchanges for RLUSD soon.
Expected new listings include Bitso, Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and Zero Hash. These partnerships will make RLUSD widely available and useful for users worldwide.
Notably, Ripple has big plans for the RLUSD stablecoin. Next year, the company plans to add Staticcoin to its payment systems.
This will help its business clients make cross-border transactions. By using RLUSD, Ripple wants to provide global payment solutions that are affordable, secure, and efficient.
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Undoubtedly, this move will help Ripple maintain its role as one of the dominant firms in blockchain-based financial services.
Meanwhile, the blockchain payment company plans to hire an independent auditing firm to check and verify RLUSD’s reserve assets.
The firm will publish monthly reports to inform users about the stability and security of the stablecoin. This effort shows Ripple’s commitment to compliance and building confidence among users and investors.
Furthermore, Ripple said it will strengthen its advisory board in the short term.
The company plans to appoint two experts: Raghuram Rajan, the former Governor of the Reserve Bank of India, and Kenneth Montgomery, the former First Vice President and COO of the Federal Reserve Bank of Boston.
These experienced leaders will offer important advice as Ripple deals with regulatory issues and expands its global operations.
Warning on FOMO From Ripple CTO
Meanwhile, Ripple’s Chief Technology Officer, David Schwartz, shared an important message about RLUSD earlier.
He stressed that the token is designed as a stable and reliable payment tool rather than a way to make big profits. Schwartz said;
“Please do not FOMO into a stablecoin! This is not an opportunity to get rich.”
Schwartz said that the high value the token will display at launch will come from expected shortages of RLUSD.
The recent pre-market value may mean the demand is much higher than the available supply. However, Schwartz thinks this will only last briefly after the launch.
“The whole point of a stablecoin is to have a stable price. Short-term changes in prices due to shortages of supply and demand are certainly possible, especially around launch, but they should not remain for long as arbitragers rapidly fix the market,” the Ripple CTO warned.
Can Ripple Compete With USDT and USDC?
According to Levi, a popular crypto market commentator, RLUSD could bring in more liquidity and trading volume to the platform.
This will benefit the Decentralized Finance (DeFi) ecosystem and institutions. With RLUSD integration into Ripple, institutions can transact using a stablecoin, a regulative alternative option like USDT and USDC.
Similarly, Brad Garlinghhouse, Ripple’s CEO, remains confident that the blockchain can take on the dominant USDC and USDT.
The firm relies on its global banking and financial partner network to support adoption worldwide.
