RLUSD: A Spotlight on Ripple's Stablecoin Amid Tether's Uncertainty
- PHPzOriginal
- 2024-08-30 19:19:54255browse
Crypto enthusiasts believe that stablecoins are a better fit. They are pegged to fiat currencies in 1:1. Tether tops the chart with USDT and is pegged to the US Dollar in the said ratio.
Crypto enthusiasts believe that stablecoins are a better fit. They are pegged to fiat currencies in 1:1. Tether tops the chart with USDT and is pegged to the US Dollar in the said ratio. It has ranked third globally in terms of market cap and has attracted investors from different regions.
The market for Tether is constantly growing. It recently announced a partnership with Flipster and later added the likes of Microsoft, Google, and Amazon to its Crosshairs. However, more stablecoins are in the works and could soon hit the market.
Emerging Stablecoins: Spotlight on RLUSD
Among the upcoming stablecoins, Ripple’s RLUSD is gaining attention. It is natively issued on the XRP Ledger and Ethereum blockchains, maintaining a stable value relative to the US Dollar. Its availability is pending regulatory approval.
Upon launch, RLUSD will join the league of stablecoins like Tether’s USDT, USD Coin’s USDC, Binance USD’s BUSD, DAI, and TUSD. Collectively, these stablecoins boast a market cap of $176,978,692,686 at press time, showing a marginal increase of 0.06%. Notably, all of them maintain a 1:1 peg to the US Dollar.
Meanwhile, XRP, an alternative offering from Ripple, is performing well in the crypto market. Despite not being a stablecoin, XRP’s fate is closely tied to the company’s legal battle with the SEC. The verdict has instilled confidence within Ripple and the market, anticipating a substantial rise.
Currently trading at $0.5991 with a gain of 0.05% over the last 24 hours, XRP is expected to reach $0.716727 in the next 5 days and $0.724281 in the next 30 days.
Advantages of RLUSD Over Tether
Among the various benefits of RLUSD over Tether, the most notable is its intrinsic connection to the fiat currency, making it easier for investors and traders to understand the price movement. Additionally, RLUSD offers several advantages, including:
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