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The wait is finally over! Ripple has announced that its new stablecoin, RLUSD, will be available for trading starting tomorrow (December 17) after receiving approval from the New York State Department of Financial Services (NYDFS) earlier this month. This launch marks Ripple’s entry into the highly competitive $203 billion stablecoin market.
The U.S. dollar-backed stablecoin is set to be issued on both the Ethereum blockchain and the XRP Ledger. Initially, it will be listed on select global exchanges, with plans for further expansion in the future. However, RLUSD will not be available on Coinbase at launch.
Ripple made the announcement earlier today. The company also revealed key appointments to its RLUSD advisory board, including a former governor of the Reserve Bank of India.
In an interview with CNBC, Jack McDonald, Ripple’s senior vice president of stablecoins, explained that the impetus for launching a stablecoin is the growth they’ve seen specifically in cross-border payments. As they have been using stablecoins more and more in their flows, this has piqued their interest to have their own native stablecoin that can be more cost-effective and operationally efficient to use.
This move marks Ripple’s continued efforts to expand its presence in the cryptocurrency market.
Source: coinpedia.org
