It is now confirmed! The Ripple USD (RLUSD) stablecoin has been officially launched by the titular San Francisco-based crypto company. At present, the stablecoin is intended to run on two networks concurrently: Ethereum and, of course, Ripple’s “native” ledger, XRP Ledger (XRPL). According to reports, RLUSD has already been officially made accessible to all users. Ripple’s team adds that “An enterprise-grade stablecoin built for everyone, $RLUSD combines fiat stability with blockchain efficiency.” Ripple USD (RLUSD) is now live on global exchanges. An enterprise-grade stablecoin built for everyone, $RLUSD combines fiat stability with blockchain efficiency: ➡️ Instant global payments, 24/7 ➡️ Seamless on/off ramps ➡️ Access value in real-world assets.… pic.twitter.com/lJ43GdoDGR — Ripple (@Ripple) December 17, 2024 The launch follows the approval by the New York State Department of Financial Services earlier this month. Ripple CEO Brad Garlinghouse has expressed excitement over the launch of the Ripple USD stablecoin. He described it as “an enterprise-grade stablecoin for everyone.” Ripple’s RLUSD goes live – Trade here Designed for trust, utility, and compliance, RLUSD is fully backed by U.S. dollar deposits, government bonds, and cash equivalents, with monthly third-party audits ensuring transparency. Ripple’s CEO shared on social media platform X that RLUSD would debut on Uphold, Moonpay, Coinmena, Archax, and Bitso — with Bullish, Mercado Bitcoin, Zero Hash, Independent Reserve, and Bitstamp “soon to follow.” Garlinghouse highlighted the regulatory rigor behind RLUSD, stating, “Ripple made a deliberate choice to launch our stablecoin under the NYDFS limited purpose trust company charter, widely regarded as the premier regulatory standard worldwide.” Source: Ripple Ripple Payments will incorporate RLUSD into its global operations early next year, capitalizing on its near-global reach and $70 billion yearly payment volume. However, note that the stablecoin will not initially be available on Coinbase or Robinhood. “Part of the impetus for us wanting to launch a stablecoin is the growth we’ve seen specifically in cross-border payments,” Jack McDonald, Ripple’s senior vice president of stablecoins, told CNBC . “As we’ve been using stablecoins more and more in our flows, that really piqued our interest that we should have our own native stablecoin that can be more cost effective and more operationally efficient to use.” Simon McLoughlin, CEO of Uphold, highlighted the company’s enthusiasm for Ripple’s innovation, stating, “It’s no secret that we’ve been big supporters of the XRP community and the innovation Ripple has brought to the industry.” “RLUSD is poised to play a significant role in the evolution of digital payments, enterprise finance, and beyond, and we are proud to be among the initial launch partners of Ripple’s first-ever stablecoin solution,” he added. RLUSD price fluctuations The stablecoin’s price initially fluctuated within a 20% range on several decentralized exchanges. However, according to XPMarket, the price of RLUSD has currently stabilized at $1. Ripple’s CTO, David Schwartz, recently issued a cautionary note regarding potential market dynamics, suggesting that an initial scarcity of stablecoin supply could trigger a price surge, contradicting the very essence of stability that these coins are designed to uphold. Ripple’s RLUSD launch comes at a time when demand for stablecoins is increasing. According to Ripple, the whole stablecoin market could skyrocket to $2 trillion by 2028. This is a result of the increase in demand for low-volatility fiat-pegged tokens. Ripple’s regulatory contingencies Ripple is not new to regulatory crackdowns and lawfare from the United States SEC. The team behind the stablecoin could not accommodate any of that this time around. To that end, Ripple brought in Raghuram Rajan, former Governor of the Reserve Bank of India (RBI), and Kenneth Montgomery, former COO of the Federal Reserve Bank of Boston, to its advisory board. Rajan highlighted the transformative potential of stablecoins in private payments, describing RLUSD as a secure and efficient alternative to conventional systems. Montgomery underscored RLUSD’s capacity to revolutionize global finance and broaden access to financial services. Armed with robust partnerships, regulatory support, and a commitment to innovation, RLUSD is on track to redefine the standards for stablecoins. XRP price action amid the launch Interestingly, following the launch of the stablecoin, the price of XRP fell by more than 2.3%, dropping to $2.4 per token at one time. This was most likely caused by investors trading the crypto for RLUSD for testing or simply for the sake of hype. However, that sentiment has turned bullish. The price of XRP (XRP) is trading at $2.59 today, with a 24-hour trading volume of $18,509,352,084. Source: CoinMarketCap Note that, the availability of RLUSD is dependent on jurisdiction. Garlinghouse described the launch as a natural evolution of the company’s work at the intersection of traditional finance and digital assets. A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.
