Ripple’s New Stablecoin Set to Shake Up the Market
The post Ripple’s New Stablecoin Set to Shake Up the Market appeared on BitcoinEthereumNews.com.
A 1:1 reserve of USD and other cash equivalents will back RLUSD. Ripple’s stablecoin will integrate with ODL and support multichain interoperability. Real USD (RLUSD), Ripple’s own stablecoin, is set to launch soon. Declared during the XRP Ledger Apex meeting. “I prefer to call it Real USD… Ripple USD,” said Brad Garlinghouse, CEO of Ripple. With this action, Ripple is indicating their calculated entry into the $3 trillion stablecoin sector that is expected to grow in the next few years. ‘The name of the @Ripple stablecoin, the $RLUSD, I like to call it Real USD… Ripple USD’ – Brad Garlinghouse (@bgarlinghouse) at #XRPLApex 2024 ⚡💙 pic.twitter.com/cRVsgnQLXQ — XRP Ledger Apex (@xrplapex) June 12, 2024 Meanwhile, CoinMarketCap data show that the price of XRP at the moment of writing is about $0.4870, up 1.10% over the previous day. Still, it also shows a bearish trend—down 7.08% over the previous week. RLUSD Trademark Filing and Market Strategy May 7, 2024, saw Ripple register RLUSD as a trademark. The document explains its application in electronic financial services, most especially in monetary transactions, including payments in virtual currencies, in line with what CNF previously disclosed. Monthly attestations will ensure the openness and dependability of this stablecoin, which will have a reserve of US dollar deposits, short-term US government treasuries, and other currency equivalents. Among the robust compliance frameworks of Ripple are its Major Payment Institution License from the Monetary Authority of Singapore and its New York BitLicense. Gaining confidence in the strictly controlled stablecoin market depends on this compliance effort. RLUSD will be interoperable with the Ethereum blockchain and the XRP Ledger in addition to integrating smoothly with Ripple Payments, the company’s rebranded On-Demand Liquidity (ODL) offering. Broad usability and cross-chain interoperability will result from this multi-chain compatibility. Community Reactions and Challenges Different views…
Filed under: News - @ June 13, 2024 3:20 pm