Ripple Labs has unveiled a new stablecoin, RLUSD, garnering attention for its potential to boost XRP trading volumes and develop the XRPL ecosystem.
RLUSD in the Crypto Market
Launched on December 10, RLUSD is backed by US dollar deposits, cash equivalents, and treasury bills. Currently, RLUSD has a market cap of $50 million and a daily trading volume of around $80,000.
Role of Ethereum in RLUSD
RLUSD is based on the XRP Ledger and incorporates Ethereum support, allowing users to access the decentralized finance (DeFi) landscape. Ripple plans to integrate RLUSD into its global payment network, Ripple Payments, for enhanced cross-border transaction speed and efficiency.
Impact on XRPL Ecosystem
The introduction of RLUSD aims to expand the XRPL ecosystem by supporting new applications, facilitating Real World Asset (RWA) tokenization, and integrating seamlessly with Ethereum and DeFi applications.
The launch of RLUSD by Ripple Labs marks a strategic effort to strengthen the XRPL ecosystem and enhance XRP trading volumes.
