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RLUSD at $1,200? Ripple Exec Names Reason Behind Sky-High Price
In a recent statement, a high-ranking executive at Ripple has revealed the reason behind the unprecedented price surge of RLUSD, a new stablecoin announced by the company. According to Brad Schwartz, Ripple’s Chief Business Development Officer, the sky-high price of $1,200 is due to the unique features and potential adoption rate of this new digital asset.
In an exclusive interview with U.Today, Schwartz explained that the price volatility seen in RLUSD during its initial launch period was a normal phenomenon. “Short-term changes in prices due to shortages of supply or demand are certainly possible, especially around launch, but they shouldn’t remain for very long as arbitragers rapidly fix the market,” he stated.
RLUSD is reportedly set to be officially launched soon after receiving significant regulatory clearance from the New York State Department of Financial Services (NYDFS). The stablecoin’s rapid growth has caught the attention of many in the crypto community, with some predicting a potentially explosive trajectory for the asset.
As reported by U.Today, Ripple announced its new stablecoin product back in April, and since then, it has been making steady progress toward its official launch.
Source: u.today
