Ripple recently launched its new stablecoin, Ripple USD (RLUSD), operational on the Ethereum and XRP Ledger platforms.
Details of RLUSD Launch
The Ripple USD stablecoin, released by the San Francisco-based crypto company, is officially launched and available to users. RLUSD operates on two networks: Ethereum and XRP Ledger. According to XPMarket, the RLUSD price has settled at $1 following initial fluctuations.
Market Impact and XRP Price
The launch of the stablecoin was accompanied by a temporary drop in XRP's price by over 2.2%. This change was linked to the exchange of the cryptocurrency for RLUSD. The XRP price has since begun to recover.
RLUSD Market Perspectives
Future expectations include the listing of RLUSD on major exchanges like Bitstamp and Mercado Bitcoin. Currently, MoonPay offers RLUSD purchases via Apple Pay. The stablecoin market is predicted to exceed $2.3 trillion in the coming years.
The emergence of RLUSD could significantly impact the stablecoin market, considering Ripple's plans and potential applications.
