cryptojournalist
Ripple Labs’ new RLUSD stablecoin is likely to get approval from New York’s financial watchdog, the NYDFS, in the coming days. The stablecoin could go live as soon as December 4.
What is RLUSD?
RLUSD is a digital coin pegged to the U.S. dollar and is overcollateralized, meaning it’s backed by more assets than its value to keep it stable. Ripple plans to use RLUSD and its XRP token to improve cross-border payments for its customers.
Ripple’s Big Plans for RLUSD
Ripple announced RLUSD in April 2024, aiming to compete with stablecoins like USDC and Tether. Ripple believes the stablecoin market could hit $2 trillion by 2028, and they see room for many stablecoins to succeed.
Ripple began testing RLUSD on XRP Ledger and Ethereum in August and plans to expand to other blockchains. The company has committed to regular audits to keep the stablecoin secure.
Ripple’s Partners and Focus on Compliance
Ripple has already partnered with exchanges like Uphold and Bitstamp. CEO Brad Garlinghouse emphasized that the company is committed to working with regulators, using XRP to enhance liquidity and speed up RLUSD transactions.
