Cardano Founder Charles Hoskinson has broken the silence on the newly launched RLUSD stablecoin from blockchain payments firm Ripple Labs Inc. Responding directly to the post update from Ripple Labs’ official X account, Charles Hoskinson typed, “Well done, Ripple!”
Charles Hoskinson Welcomes Competition
The broader crypto industry has about 195 stablecoins backed by the US Dollar or any other reserve. Tether (USDT) and Circle (USDC) control over 85% of the total stablecoin market cap, valued at over $212 billion. Despite this duopoly scare, firms like Ripple Labs have continued to push to break USDT and RLUSD dominance.
The recognition of the RLUSD launch on mainnet by the Cardano Founder is his way of backing the growth of competition in the industry. While it remains unclear how fast RLUSD will start competing with its top rivals, the broad industry support places it up for a good start.
Well done, Ripple! https://t.co/K3KHh27aHC
— Charles Hoskinson (@IOHK_Charles) December 17, 2024
Meanwhile, the newly launched RLUSD went live on a number of global exchanges including Uphold, Bitso, MoonPay, Archax, and CoinMENA. Per data from XPMarket, the RLUSD stablecoin started trading at $1.11, losing its peg to the US Dollar. However, as of writing, the stablecoin’s price has settled at the $1 mark.
Ripple Labs launched the stablecoin with a fully diluted volume of $13.3 million with a $1.3 million market cap. Per the blockchain payments firm, the token’s supply will increase over time as the market volatility stabilizes. As of writing, the XPMarket data shows there are 1,000 holders of the stablecoin.
Will RLUSD Launch on the Cardano Network
For months, Ripple Labs conducted beta testing for the RLUSD stablecoin on both the XRP Ledger (XRPL) and the Ethereum network. While it remains unclear the timeline to extend the token beyond these two networks, there are indications that an expansion to Cardano is possible.
Despite the earlier strained relationship between the Cardano founder and the XRP community in the past, Charles Hoskinson’s relationship with the ecosystem is improving. As reported earlier by Coingape, Hoskinson and Ripple CTO David Schwartz discussed Midnight Network and XRP in November.
While it remains unclear what this might mean for the future of both chains, it signals potential readiness to work together.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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