Ripple Labs has launched RLUSD, a US dollar-backed stablecoin, after several months of preparation. This stablecoin is now available on several major cryptocurrency exchanges.
RLUSD Launch and Trading Details
Ripple Labs announced the launch of RLUSD on December 16. The launch took place on platforms such as Uphold, MoonPay, CoinMENA, ArchaxEx, and Bitso. Additional exchanges, including Bullish and Bitstamp, will soon list RLUSD. The stablecoin operates on Ethereum and XRP Ledger. Its launch faced delays due to regulatory challenges, but on December 17, RLUSD received NYDFS approval. RLUSD aims to compete with stablecoins like Tether and USDC. Reports indicate its market cap at $13.3 million with a price stabilized at $1.
Community Reaction to RLUSD Launch
Ripple intends to provide global payment solutions through RLUSD, combining fiat currency stability with blockchain technology efficiency. The launch has sparked interest in the crypto community, with expectations of increasing XRP liquidity. A user on platform X expressed the potential for XRP's rise soon.
Potential Impact on XRP
XRP's price fell by 2.2% a few hours after RLUSD's launch, reaching $2.635, likely due to cryptocurrency exchanges for RLUSD. However, XRP has shown recovery and increased by 5.14% over the past month.
The launch of RLUSD represents a new step for Ripple in developing its products. In the long term, the stablecoin could significantly impact XRP's market position and Ripple as a whole.
