Ripple Set to Launch RLUSD Stablecoin, Focusing on Cross-Border Payments and Remittances
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September 29, 2021, Brazil. In this photo illustration the Ripple (XRP) logo seen displayed on a smartphone
Ripple is set to launch its new RLUSD stablecoin on December 17, according to a recent tweet by Brad Garlinghouse, the company’s CEO. The tweet mentioned that the stablecoin will be available for trading on exchanges such as Coinbase and @Bitstamp soon.
The RLUSD stablecoin is designed to provide a low-volatility alternative to traditional cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH). Stablecoins are pegged to the value of a specific currency, such as the US dollar, which allows them to maintain a relatively constant value. This stability makes them more suitable for mainstream financial transactions and applications.
Ripple has been working on RLUSD adoption across the globe, with initial partners set to drive this growth in the Americas, Asia-Pacific, the United Kingdom, and Middle East. The stablecoin will be used in various sectors such as cross-border payments, remittances, treasury operations, and decentralized finance (DeFi).
The integration of RLUSD into Ripple’s Payments product is expected to take place early in 2025, with the aim of providing a reliable and efficient means of powering global payments for Ripple’s enterprise customers.
As a result of this announcement, XRP’s price rose slightly, trading at highs of $2.56 with a 24-hour gain of 4%. This comes as no surprise given the significant growth the cryptocurrency has experienced recently. According to CoinGecko data, XRP has surged more than 108% in the past month and over 300% in the past year.
It is worth noting that this stablecoin launch could have significant implications for the broader cryptocurrency market. Stablecoins are gaining popularity due to their potential to provide a safer alternative for mainstream financial transactions.
Source: coinjournal.net
