Ripple’s RLUSD Stablecoin to Launch on December 17, As XRP Surges 8%
Ripple announces official launch of RLUSD StablecoinScheduled for Tuesday, December 17th. The move marks an important step for the blockchain company as it continues to expand its offering in the digital asset space.
Following the announcement, XRP rose nearly 8% in the past hour.
Ripple’s RLUSD Stablecoin Impacts Bullish Trigger for XRP
according to ripplean independent auditing firm will monitor the certification of RLUSD reserve assets on a monthly basis to maintain transparency.
Initially, RLUSD Stablecoin It will be available on platforms such as Uphold, MoonPay, Archax and CoinMENA. Other exchanges such as Bitso, Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and Zero Hash are expected to list RLUSD soon.
Ripple CEO Brad Garlinghouse said: “As the U.S. moves toward clearer regulation, we expect to see greater adoption of stablecoins like RLUSD that offer real utility performance and backed by years of industry trust and expertise.”
At the same time, the release of this news also triggered a craze Ripple priceShares rose nearly 7% within an hour after the news broke. XRP’s daily trading volume increased by nearly 72%, resulting in a 130% price increase over the past month.
last week, Stablecoin gets approval The endorsement from the New York Department of Financial Services (NYDFS) clears the way for its launch.
Ripple plans to integrate RLUSD into its payment solutions early next year, allowing enterprise customers to conduct global transactions. This move highlights Ripple’s commitment to improving the efficiency of cross-border payments for institutional customers.
Additionally, Ripple has appointed prominent banking industry veterans to its stablecoin advisory board. These include Raghuram Rajan, former governor of the Reserve Bank of India, and Kenneth Montgomery, former first deputy president and chief operating officer of the Federal Reserve Bank of Boston.
Why choose RLUSD? Fully backed by U.S. dollar deposits, U.S. government bonds and other cash equivalents, monthly third-party audits, multi-chain support, purpose-built for cross-border payments, Decentralized Finance Integration and bridge between fiat and cryptocurrencies”, Ripple wrote on X (formerly Twitter).
Ripple and XRP have strong fourth quarter
The fourth quarter was particularly good for Ripple. SEC Chairman Gary GenslerNotable critics of XRP, most recently Announce resignation. XRP has since hit its highest price in nearly six years.
at the same time, Pro-cryptocurrency advocate Paul Atkins takes on the role. The leadership change adds to Ripple’s optimism. The company was involved in a Long legal battle with SEC via Ripple. The lawsuit hampered XRP’s performance during previous market gains.
As it enters the U.S. market, RLUSD will compete with leading stablecoinsincluding Tether’s USDT and Circle’s USDC. The launch also coincides with growing institutional interest in XRP.
So far, the four largest asset managers – WisdomTree, Bitwise, 21Shares and Canary Capital – have Submit an XRP ETF applicationfurther demonstrating confidence in altcoins.
Overall, Ripple’s latest developments and its RLUSD stablecoin mark a pivotal moment for the company and its ecosystem. This could set the stage for continued growth and adoption.
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