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- Ripple is dropping its new stablecoin, RLUSD, tomorrow, and it’s already got approval from tough U.S. regulators.
- RLUSD will work on Ethereum and the XRP Ledger, making it perfect for fast payments and big-money transactions.
- Ripple’s stablecoin is taking on Tether and USDC in a $190 billion market, and investors are already lining up for it.
Ripple has finally announced that the launch of its highly-anticipated stablecoin RLUSD is all set for tomorrow. Fox Business journalist Eleanor Terrett shared that the NYDFS-approved stablecoin will initially be accessible on Uphold, MoonPay, Archax, and CoinMENA.
Reportedly, the company plans to expand RLUSD’s reach to other platforms like Bitso, Bullish, and Bitstamp in the weeks to come.
Meanwhile, starting next year, Ripple Payments will integrate the stablecoin into its enterprise operations, enabling global payment solutions for its corporate clients.
Ripple says RLUSD is designed to support instant settlement for cross-border payments, improve liquidity in remittances, and provide a bridge between fiat and crypto. CEO Brad Garlinghouse described RLUSD as “a real step forward for crypto utility.”
RLUSD will operate on both the XRP Ledger and the Ethereum blockchain. This dual-blockchain approach means the stablecoin will be versatile enough for use by banks, decentralized finance (DeFi) protocols, and payment platforms.
The stablecoin’s reserves will reportedly be audited monthly by a third party. Institutional investors are placing significant pre-launch bids, showing confidence in Ripple’s ability to execute.
Ripple, though, has warned that the early days of RLUSD trading may see volatility as supply adjusts to demand. They also cautioned investors against giving into FOMO (fear of missing out).
Meanwhile, Ripple’s feud with the SEC is still not over. As known, the agency claims XRP was sold as an unregistered security, a move Ripple strongly denies. In July 2023, a federal judge ruled that XRP sales to institutional investors violated securities laws, but sales on exchanges did not.
Ripple was fined $125 million for the institutional sales, far less than the $2 billion initially sought by the SEC. Ripple’s leadership framed the ruling as a partial victory, though the SEC quickly filed an appeal.
The SEC’s appeal is now before the Second Circuit Court of Appeals, where it argues that the July ruling conflicts with Supreme Court precedents.
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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Jai Hamid
Jai Hamid has been covering crypto, stock markets, technology, the global economy, and the geopolitical events that affect markets for the past 6 years. She has worked with blockchain-focused publications including AMB Crypto, Coin Edition, and CryptoTale on market analyses, major companies, regulation, and macroeconomic trends. She has attended London School of Journalism and thrice shared crypto market insights on one of Africa’s top TV networks.
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