Ripple has announced its new stablecoin RLUSD is ready for launch, awaiting regulatory approval.
Role of RLUSD in Ripple Ecosystem
According to the company's president, Monica Long, RLUSD is designed to enhance Ripple's payment system and work synergistically with XRP. She added that the new stablecoin will enable users to hold and trade tokenized US dollars directly on the XRP Ledger. This provides clients with greater flexibility and stability against market volatility. Additionally, developers can utilize RLUSD to create decentralized finance applications with greater utility and scalability.
Ripple's Contributions to Blockchain Payments
Ripple has processed over $70 billion in blockchain transactions, highlighting its significance in the digital financial sector. While RLUSD will expand Ripple’s ecosystem, XRP will remain integral in Ripple's XRPL operations, especially for cross-border transactions involving illiquid currencies. Both assets will work together to meet diverse client needs.
Priorities of Stability and Regulation
Monica Long stresses the importance of regulatory compliance and financial stability for launching a successful stablecoin. Ripple has taken significant steps to meet these standards, including acquiring Standard Custody and obtaining a license from New York’s Department of Financial Services (NYDFS). While RLUSD is operationally ready, its launch awaits regulatory clearance, emphasizing the company’s commitment to transparency and compliance with regulatory guidelines. The new token is poised to become a leader in the growing stablecoin sector, projected to be worth $3 trillion within the next five years.
Ripple aims to expand its suite of financial products, maintaining XRP's vital role. RLUSD seeks to cater to a broader audience of users and applications within the blockchain space.
