- The launch has already been delayed by many regulatory hurdles, and now it has marked a new milestone for the U.S.-based crypto company.
- Adding more to the quick settlements and on/off ramps, the stablecoin will back collateralization as well as decentralized finance amalgamations.
- XRP has also shown a bullish trend in the past few months and is up about 4% after the launch of RLUSD.
Ripple has launched its stablecoin, RLUSD on different major exchanges, as announced by the company. The introduction of the stablecoin of Ripple, RLUSD came after the official announcement of its highly awaited revelation on December 16.
In the announcement, Ripple revealed that RLUSD will be live on December 17 with major launch partners, consisting of some of the prominent crypto exchanges and platforms over the globe.
The launch of RLUSD on different exchanges
The chief executive officer of Ripple, Brad Garlinghouse gave a green flag to the launch of stablecoin on various exchanges in a post on X. The major exchanges include Uphold, MoonPay, CoinMENA, ArchaxEx, and Bitso.
The CEO further mentioned that Bullish, Mercado Bitcoin, Bitstamp, Zero Hash, and Independent Reserve are ready to follow. The stablecoin, RLUSD, is currently live on both Ethereum and Ripple’s XRP Ledger.
The launch has already been delayed by many regulatory hurdles, and now it has marked a new milestone for the U.S.-based crypto company. The firm managed to have regulatory approval for RLUSD from the New York State Department of Financial Services this month.
This step has positioned Ripple as a budding contender to the two largest USD-pegged stablecoins by market capitalization, Tether and Circle. Similar to its contenders, RLUSD is focused on offering an enterprise-grade solution that amalgamates the stability of fiat currency with the capability of blockchain technology.
RLUSD launch drives XRP’s price
Users can use RLUSD for payments on a global scale, crypto on/off ramping, and inclusion in the swiftly boosting tokenized real-world assets market. The senior vice president of stablecoins at Ripple, Jack McDonald referred to RLUSD as mile 1 of the marathon.
Adding more to the quick settlements and on/off ramps, the stablecoin will back collateralization as well as decentralized finance amalgamations. XRP has also shown a bullish trend in the past few months and is up about 4% after the launch of RLUSD.
Talking about the last week, it surged 27% and around 141% in the last month. At press time, it is trading at $2.52 and is 0.16% up in the last 24 hours, taking the overall market capitalization to $144.23 billion.
