Ripple Reveals Major Update On Stablecoin, Here’s All

The crypto market speculations soared today on a potential RLUSD launch date, especially after Ripple shared major updates on its stablecoin. The blockchain firm has recently revealed the first exchange and platform for the upcoming launch of its stablecoin, gaining market attention. Besides, it also comes amid the ongoing legal battle between Ripple and the US SEC, which has further fueled market discussions.

RLUSD Launch Date Speculation Mounts Amid Latest Update

The RLUSD launch date speculations soared as Ripple gears up toward advancing its stablecoin. According to a recent Fortune report, the firm has recently announced the first wave of its partners and platforms that will support the stablecoin once it gets the regulatory nod.

According to the report, RLUSD will be available on top crypto exchanges like Uphold, Bitstamp, Bitso, and others, making its entry into the stablecoin sector. Despite the importance of regulatory approval from the New York Department of Financial Services (NYDFS), which has one of the strict stablecoin frameworks globally, the firm remains confident in the potential launch.

The firm’s President Monica Long emphasized that RLUSD is designed to meet the most robust regulatory standards. She believes that it will ensure that the stablecoin offers high transparency and compliance.

Besides, Ripple has formed an advisory board to oversee the stablecoin’s market introduction, with influential names like Sheila Bair, former Chair of the Federal Deposit Insurance Corporation, and David Puth, former CEO of the CENTRE Consortium, on board.

These efforts show Ripple’s commitment to building a stablecoin that adheres to financial regulations and brings trust to the digital asset space. Ripple’s focus on regulatory compliance sets RLUSD apart from competitors like USDT and USDC, which dominate the market.

With NYDFS approval, RLUSD will be listed on the regulator’s “Greenlist,” which sets strict guidelines for reserve management and transparency. Ripple believes this distinction will give RLUSD an edge in the crowded stablecoin sector, positioning it as a gold standard for enterprise use.

Optimism Soars Amid Ripple SEC Battle

Ripple CEO Brad Garlinghouse has been long confident that RLUSD will rival existing stablecoins like USDC and USDT by offering clear utility, demand, and strong regulatory backing. The firm’s network of global banking and financial partners will also help drive adoption.

Garlinghouse believes RLUSD’s strong compliance framework and global exchange partnerships will make it a preferred choice for institutional clients. These positive comments have also caught the eyes of the investors, who are awaiting the official RLUSD launch date.

Unlike Ripple’s native token, XRP, which is used to pay transaction fees on the XRP Ledger, RLUSD is intended for real-world applications like international payments and tokenizing assets such as real estate and bonds. Long described RLUSD as a crucial tool for bridging traditional finance with digital assets, enabling faster and more efficient settlements across borders.

Meanwhile, this comes as the US SEC filed an appeal of the XRP lawsuit, extending the long-running legal battle. In response, Ripple has also filed a cross-appeal, showcasing the firm’s confidence in its fight against the agency.

However, this update appears to have boosted the market confidence. Besides, Ripple has been actively testing the RLUSD stablecoin, minting millions of tokens recently.

Following the update, XRP price soared around 1% and exchanged hands at $0.5429, while its trading volume soared 40% to $1.21 billion. Notably, the crypto has touched a high and low of $0.5545 and $0.5352, respectively, over the last 24 hours. Additionally, XRP Futures Open Interest also soared over 1% to $760.32 million, indicating growing confidence of the investors.

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Rupam Roy

Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
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