Ripple Labs has introduced a new stablecoin, RLUSD, which, according to developers, will significantly increase the trading volume of XRP. This innovative solution has already been approved by the New York Department of Financial Services (NYDFS) and promises accelerated growth of the XRPL ecosystem.
Launch of RLUSD and its Role in XRPL Ecosystem
RLUSD operates on the basis of US dollar deposits, cash equivalents, and treasury bills. Launched on December 10, this stablecoin has reached a market capitalization of $50 million. David Schwartz, Ripple's CTO, notes that RLUSD will strengthen XRP's position as a key cryptocurrency among developers and applications.
Performance of RLUSD and Its Contribution to XRPL
According to Ripple, RLUSD quickly reached a $50 million market capitalization upon launch, although CoinMarketCap data shows its daily trading volume stands at around $80,000. This stablecoin will support new on-chain applications leveraging XRPL, promoting developments in asset tokenization, foreign exchange, and settlement processes.
Ethereum Integration and Ripple Payments
RLUSD is not limited to XRP Ledger technology. Supported by Ethereum, it is open to decentralized finance ecosystems (DeFi). Ripple plans to integrate RLUSD into its global payment platform, Ripple Payments, optimizing speed and lowering costs for international transactions. Monica Long, Ripple's president, emphasizes RLUSD's strategic role in liquidity and asset tokenization.
Ripple Labs' new stablecoin, RLUSD, aims to expand XRPL's potential and boost XRP trade volumes. Integration with Ethereum and Ripple Payments establishes RLUSD as a valuable asset in both DeFi applications and international payments.
