Ripple has announced the launch of its new stablecoin, Ripple USD (RLUSD), set for December 2024.
RLUSD Launch Announcement
Ripple has officially announced that its stablecoin, Ripple USD (RLUSD), will be released on December 17, 2024. The coin will initially be traded on platforms like Uphold and Bitso, and will be fully backed by US dollar deposits, government bonds, and equivalents.
Stablecoin Market Plans
Ripple aims to carve out its niche in the ever-growing stablecoin market, dominated by players such as Tether and Circle. The total market capitalization of stablecoins exceeds $211 billion, with Tether holding $140 billion.
Ripple Board Expansion
In preparation for the RLUSD launch, Ripple expanded its advisory board with figures like former Reserve Bank of India governor Raghuram Rajan and former Federal Reserve Bank of Boston COO Kenneth Montgomery.
The launch of RLUSD by Ripple could significantly impact the stablecoin market, increasing competition and offering new opportunities for users.
