Key Takeaways
- Ripple publicizes RLUSD stablecoin launch for December 17, 2024.
- XRP token surges 8% on RLUSD information, reaching $2.56 with a $146 billion market cap.
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Ripple has officially announced that its USD-backed stablecoin, Ripple USD (RLUSD), will launch on Tuesday, December 17, 2024.
Initially, the stablecoin might be out there on exchanges together with Uphold, Bitso, MoonPay, Archax, and CoinMENA, with extra listings anticipated on Bullish, Bitstamp, Mercado Bitcoin, Impartial Reserve, Zero Hash, and extra within the coming weeks.
RLUSD might be totally backed by US greenback deposits, US authorities bonds, and money equivalents, in response to Ripple’s press launch.
“Early on, Ripple made a deliberate option to launch our stablecoin below the NYDFS restricted objective belief firm constitution, extensively thought to be the premier regulatory normal worldwide,” mentioned Brad Garlinghouse, Ripple’s CEO.
RLUSD will function on each the XRP Ledger and Ethereum blockchains, providing flexibility and scalability for a variety of monetary use circumstances.
Ripple Funds plans to combine RLUSD into its world fee community, which has already processed over $70 billion in funds quantity throughout greater than 90 payout markets.
Raghuram Rajan, former Reserve Financial institution of India Governor, and Kenneth Montgomery, former Federal Reserve Financial institution of Boston COO, have joined RLUSD’s advisory board.
“Stablecoins may change into the spine of personal funds by providing a safe, scalable, and environment friendly various to conventional programs,” mentioned Rajan.
Ripple’s XRP token additionally noticed a surge following the announcement, leaping 8% and buying and selling at $2.56, with a market cap of $146 billion.
This locations XRP because the third-largest crypto asset by market cap, surpassing Tether (USDT), which holds a market cap of $140 billion.
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