RLUSD Added to Global Forex Data as a Recognized Currency: Ripple News

he stablecoin RLUSD has been included in the Extended Global Forex Data spreadsheet is a big deal. This means it’s now recognized alongside major fiat and digital currencies, making it a more important player in the global financial scene. This move could potentially attract more users in various sectors looking for reliable cross-border transaction methods.

It’s worth noting that Ripple recently made some significant transfers of RLUSD tokens to the RLUSD Treasury, which could be a step towards a successful launch. Just a day ago, they moved 35,000 RLUSD tokens through different wallets in several transactions.

Meanwhile, Ripple’s XRP is doing well in the current crypto market rally. In a single day, the XRP price increased by almost 34%, nearing the $1.50 mark. As of now, the XRP price has gone up by 33.78% to reach $1.49 on Friday, November 22.

For those unfamiliar, Ripple’s RLUSD is a stablecoin backed by the U.S. Dollar. It runs on the XRP Ledger, known for its efficiency, scalability, and low transaction costs. After its launch, RLUSD will maintain a fixed value pegged to fiat currency, making it an attractive choice for digital trading, payments, and international money transfers.

The XRP Ledger’s infrastructure is crucial for RLUSD’s operation, as it settles transactions quickly and at low fees. This makes it ideal for global financial activities, where fast and cost-effective transactions are key. This setup is perfect for a stablecoin like RLUSD, enhancing its utility in payment systems, decentralized finance apps, and remittance services.

The recent development of RLUSD being included in the Extended Global Forex Data spreadsheet showcases the XRP Ledger’s capability to integrate blockchain-based assets into traditional markets. Its design aligns with existing financial networks while harnessing the benefits of distributed ledger technology.