XRP News: Will RLUSD Stablecoin Propel Ripple to Stablecoin Market Dominance?

The post XRP News: Will RLUSD Stablecoin Propel Ripple to Stablecoin Market Dominance? appeared first on Coinpedia Fintech News

Ripple CEO Brad Garlinghouse has hinted at the much-anticipated launch of the company’s stablecoin, Ripple USD (RLUSD). In a recent statement, Garlinghouse expressed confidence that RLUSD will set the benchmark as the “gold standard” for enterprise-grade stablecoins, built on trust, liquidity, and regulatory compliance. 

RLUSD is designed to merge fiat stability with blockchain efficiency. It supports real-time global payments, smooth on/off ramps between crypto and fiat, and tokenization of real-world assets, enhancing transaction reliability and cost-effectiveness.

Built on Trust and Compliance

Garlinghouse emphasized that RLUSD has been in development for nearly a year and is supported by trusted exchange partners, market makers, and an advisory board. The stablecoin is backed by U.S. Treasury bonds, dollar deposits, and cash equivalents to ensure stability and reliability. Additionally, Ripple plans to release monthly reports on RLUSD’s reserves, audited by the accounting firm BPM, to maintain transparency.

Operational Readiness and Testing

Monica Long, another key executive at Ripple, confirmed that the company is operationally ready for the launch. Recent weeks have seen significant transfers of funds into RLUSD as it undergoes testing on both the XRP Ledger and Ethereum networks, signaling strong preparation for its debut.

MoonPay’s CEO, Ivan Soto-Wright, also sees RLUSD as key to future financial systems, while B2C2’s US CEO, Cactus Raazi, praises it for enhancing digital asset marketplaces. Bitso and Bullish also highlight RLUSD’s role in cross-border payments and institutional trading.

Awaiting Regulatory Approval

While RLUSD is ready for the market, the stablecoin is still awaiting approval from the New York Department of Financial Services (NYDFS). The public launch is expected to occur before the year ends, with Garlinghouse’s optimistic projection that it could be just “weeks, not months” away.

Ripple’s RLUSD stablecoin is positioned to make a significant impact in the crypto industry. With its focus on liquidity, trust, and compliance, and the backing of strong financial reserves, RLUSD is expected to set a high bar for stablecoins. As the final approval from NYDFS looms, the crypto community is eagerly awaiting its launch. Moreover, Ripple’s XRP is technically in an upward trend but faces resistance between $0.5778 and $0.5445, with support at $0.5188 or $0.5068.

What do you think? Will Ripple attract a bigger share of the stablecoin market and prove to be a dominant player in the space? Stay Tuned for further updates