Ripple’s RLUSD stablecoin launches tomorrow as XRP token jumps 8%.
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Ripple Announces Launch of RLUSD Stablecoin for December 17, 2024 The XRP token rose 8% on the RLUSD news, reaching $2.56 with a market cap of $146 billion.
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Ripple has officially announced the launch of its US dollar-backed stablecoin Ripple USD (RLUSD) on Tuesday, December 17, 2024.
Initially, the stablecoin will be available on exchanges including Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, Zero Hash and more with more details expected in the coming weeks, including Uphold, Bitso, MoonPay, Archax and CoinMENA.
According to the RLUSD press release, the RLUSD is backed entirely by US dollar deposits, US government bonds and cash equivalents.
As part of its commitment to transparency, Ripple publishes monthly third-party verifications of RLUSD reserves conducted by an independent auditing firm.
“First, Ripple made a deliberate choice to launch our stablecoin under the NYDFS Limited Purpose Trust Company Charter,” said Ripple CEO Brad Garlinghouse.
RLUSD runs on both the XRP Ledger and Ethereum blockchains, providing flexibility and scalability for cross-border payments and DeFi integration across multiple blockchains.
Ripple Payments plans to integrate RLUSD into a global payment network that has processed more than $70 billion in payment volume across more than 90 payment markets.
Raghuram Rajan, former Governor of the Reserve Bank of India, and Kenneth Montgomery, formerly of the Federal Reserve Bank of Boston, have joined the RLUSD Advisory Board.
“Stablecoins can become the backbone of personal payments by providing a secure, scalable and efficient alternative to traditional systems,” Rajan said.
Ripple's XRP token surged following the announcement, jumping 8% and trading at $2.56 for a market cap of $146 billion.
This places XRP as the third largest crypto asset by market cap, surpassing Tether (USDT), with a market cap of $140 billion.
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