Ripple Stablecoin RLUSD Now Available on Ethereum and XRP Ledger

Key Points:

• Ripple has launched its stablecoin, RLUSD, which operates on both the Ethereum network and XRP Ledger.
• Ripple stablecoin RLUSD has stabilized around $1 after initial price fluctuations and will undergo monthly audits of its reserve assets to ensure transparency and compliance.

Ripple has officially launched its stablecoin, Ripple USD (RLUSD) for short, a great step in the decentralized finance ecosystem.

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Ripple Stablecoin RLUSD Has Officially Launched

Ripple stablecoin RLUSD is designed to operate on both the Ethereum network and the XRP Ledger. It targets seamless interaction by users across different platforms.

Though earlier in the open market, RLUSD was susceptible to decentralized exchange price volatilities, which rose and fell as high as 20% in either direction, it has since then stabilized around $1-pegged to the US dollar, data from XPMarket indicates.

Ripple aims to further assure users about RLUSD’s stability by having an independent auditing firm assure users that the stablecoin is fully backed through a monthly attestation of RLUSD’s reserve assets.

With the launch of RLUSD, Ripple is trying to take a share of the hot stablecoin market, currently dominated by Tether’s $140 billion USDT and Circle’s $42 billion USDC. Ripple’s momentum, backed by a strong reputation in the cryptocurrency space, positions RLUSD as a formidable new competitor.

Ripple Expands RLUSD Availability, Faces EU Regulatory Hurdles

Ripple has also added two former central bankers to its stablecoin advisory board, aiming to strengthen the coin’s rollout and ensure compliance. The stablecoin is listed on initial exchanges, including Uphold, MoonPay, and Archax Coin, with more platforms like Bullish, Bitstamp, and Mercado Bitcoin expected to join soon.

Currently, Ripple stablecoin RLUSD is available in the Americas, the Asia-Pacific, the UK, and the Middle East. However, its launch remained pending in the European Union due to some regulatory hurdles regarding the MiCA regulations. In fact, Ripple is seeking a solution to expand into the European Union market.