Ripple Launches RLUSD Stablecoin: Prepare for XRP Army!
Ripple, a global blockchain company known for its focus on cross-border payments, is getting ready to launch its latest stablecoin, RLUSD. This stablecoin will be pegged at a 1:1 ratio to the US dollar and will be available on the XRP Ledger (XRPL) and Ethereum networks. However, before Ripple can launch RLUSD, it needs approval from the New York Department of Financial Services (NYDFS).
Back in April 2023, Ripple announced its plans to introduce this new stablecoin. Since then, Ripple has been busy conducting extensive trials, which include processes like printing and burning RLUSD tokens. Currently, there are only about 100,000 RLUSD tokens circulating on the Ethereum and XRP Ledger networks, but the official launch is pending NYDFS approval.
Monica Long, as the President of Ripple, mentioned that their team is all set for the launch. However, the final decision rests with NYDFS, and the application is currently under review. In the meantime, the price of XRP continues to perform well, trading at $1.46 on CoinGecko at the time of writing. This positive price movement is attributed to the overall market sentiment, boosted by recent events like Donald Trump’s election victory and the news of Gary Gensler, the SEC chairman known for his stance on crypto, stepping down in January 2025.
