Ripple Unveils Website for the Highly Anticipated Launch of Its Ripple USD (RLUSD) Stablecoin
- 王林Original
- 2024-08-07 06:16:24588browse
The stablecoin, first announced in April, offers potential for instant payouts, simple fiat-to-stablecoin conversions, and cross-border applications.
Cryptocurrency company Ripple has finally unveiled its website for the upcoming launch of its stablecoin, Ripple USD (RLUSD).
Announced back in April, the stablecoin will offer potential for instant payouts, simple fiat-to-stablecoin conversions, and cross-border applications. Designed to track the U.S. dollar one-to-one, RLUSD will be issued on both the XRP Ledger and Ethereum blockchains.
The stablecoin will enter a market currently led by Tether’s USDT, which boasts a market capitalization of over $114 billion, followed by Circle’s USD Coin at nearly $34 billion. Even payments giant PayPal has joined the fray with its own stablecoin.
“Stablecoins have proved to have a solid product market fit,” said Joel Hugentobler, Cryptocurrency Analyst at Javelin Strategy & Research. “XRP’s blockchain doesn’t offer the speeds like those found on other blockchains like Solana. However, their TPS (transactions per second) are significantly higher than that of Ethereum, which is the primary chain that USDC & USDT operate on.”
Enterprise Grade
Despite the head start of other coins, Ripple believes there is space for RLUSD in a market that is expected to hit $2.8 trillion by 2028. The company claims its stablecoin will stand out as it’s designed to be “enterprise-grade” from the beginning—built with financial institutions and business payments in mind.
Backed entirely by U.S. dollar deposits, short-term U.S. government treasuries, and other cash equivalents, Ripple announced its intentions to be fully transparent about the composition of its reserves. As such, the company stated it will provide monthly statements detailing its assets.
Regulatory Uncertainty
In addition, Ripple has designed its offering with compliance at the forefront, working to build its portfolio of licenses for the stablecoin. Unfortunately, RLUSD has yet to receive any regulatory approval, and it’s unclear when that will occur.
Over the past few years, regulatory uncertainty around crypto and digital assets has been a common theme. Lawmakers have promised new crypto regulations will be forthcoming, including rules specifically governing stablecoins.
“Despite a number of legal challenges, Ripple is determined to press on and gain market share in the dominating stablecoin market,” Hugentobler added. “Ripple appears to be doing all the right things, yet they have continued to take flack, debatably for the entire industry. Once the regulatory challenges end, Ripple’s conglomerate and wide-ranging product suite will continue to be a leader in industry innovation and standards.”
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