Ripple Launches a Website for Its Much-Awaited Stablecoin, Ripple USD (RLUSD)
- WBOYOriginal
- 2024-08-05 15:00:301009browse
Announced in April, RLUSD is 100% backed by USD deposits, short-term US government treasuries, and other cash equivalents.
Announced in April, Ripple USD (RLUSD) is now a step closer to being available to the public. A website for the stablecoin has been launched by Ripple, revealing more details about RLUSD.
Announced earlier this year, RLUSD is 100% backed by USD deposits, short-term US government treasuries, and other cash equivalents. It was announced at the time that the stablecoin will be issued on XRP Ledger and Ethereum blockchains.
There are also plans to expand RLUSD to additional blockchains, with the stablecoin being fully backed by a segregated reserve of cash and cash equivalents.
These reserve assets will be audited by a third-party accounting firm, and attestations will be published on a monthly basis by Ripple.
However, it is important to note that the availability of RLUSD is contingent upon regulatory clearance. RLUSD will join the growing list of USD-backed stablecoins.
At the time of writing, USDT and USDC have a market capitalisation of 114 billion and 33 billion respectively, while the stablecoin market is valued at $150 billion.
This market is expected to grow to over $2.8 trillion by 2028. With the launch of RLUSD, Ripple is seeking to meet this growing demand.
“This is a natural step for Ripple to continue bridging the gap between traditional finance and crypto,” said Brad Garlinghouse, Ripple CEO.
Community Response
The crypto community has reacted positively to Ripple's new website and RLUSD. "The big advantage RLUSD should have is great compliance; designed from the ground up for it by people involved in defining it", said one user on X
Other community members are wondering which blockchain will be next, "I wonder which other blockchain might be integrated in the future to be natively issued on!" said another user on X.
Look what just went up! #Ripple's #RLUSD page :) ?https://t.co/q8LgHpb1Jl B4h3CxaWri
With how profitable the stablecoin business model is, it is not surprising that more companies are joining the fray to issue their stablecoin.
This comes despite the immense competition from USDT and USDC, with both stablecoins seeing massive gains in profits and trading volumes.
Last month, Tether posted $5 billion in profits for the year while USDC saw trading volumes surge 48% in one month.
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