Ripple is working hard on a number of new projects and partnerships. One of the most promising plans is the launch of their new stablecoin, Ripple USD (RLUSD), which is pegged to the US dollar.
Ripple is actively pursuing several new projects and partnerships. Among the most notable plans is the launch of their new stablecoin, Ripple USD (RLUSD), which will be pegged to the US dollar. The stablecoin is currently being tested on both the XRP Ledger (XRPL) and Ethereum (ETH).
According to popular crypto influencer Crypto Eri, a successful launch could lead to a significant increase in the price of XRP.
XRP and the role of RLUSD
XRP functions as a “guest token” on the XRP Ledger, much like ETH on the Ethereum network. As Crypto Eri pointed out, high demand for RLUSD could translate into increased demand for XRP, potentially bringing billions of transactions to the XRP Ledger. This could have a major impact on the value of XRP.
Just as #ETH is used for gas, #XRP is also used for gas (among other things). Since the SEC Docs explained ODL is price neutral, bring on as much of that stablecoin gas transaction activity on the #XRPL Mainnet as possible. Trillions please. Every currency would be nice.
— ?Crypto Eri ?Carpe Diem (@sentosumosaba) September 8, 2024
Increase in use of On-Demand Liquidity (ODL)
Furthermore, the growth of Ripple’s On-Demand Liquidity (ODL) platform could indirectly contribute to an increase in the price of XRP. While ODL is price neutral, increased network usage could boost demand for XRP tokens. RLUSD also adheres to strict regulatory and security standards, giving Ripple an edge over other stablecoins like Tether (USDT).
Japan as a promising market for stablecoins
Apart from the US market, Ripple is also eyeing Japan as a promising market for stablecoins. Ripple CEO Brad Garlinghouse sees Japan, with its clear regulatory environment, as a prime candidate for a stablecoin pegged to the Japanese Yen. While the focus is currently on launching RLUSD in the US, Japan remains a potential future market for expansion.
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