Ripple has revealed its new USD-pegged stablecoin, RLUSD, with an official launch slated for later this year.
With the stablecoin market poised for significant growth, RLUSD's entry brings a fresh and competitive option backed by reliable assets and monthly certifications.
Discover how RLUSD aims to establish its position amidst major players like USDT and USDC.
What is RLUSD?
Ripple has launched the official webpage for its USD-pegged stablecoin, "Ripple USD (RLUSD)," which is set to debut later this year.
RLUSD is a stablecoin issued on the XRP Ledger and Ethereum blockchain, exchangeable 1:1 with the US dollar. Its backing assets include USD deposits, US government short-term bonds, and other cash equivalents.
Ripple plans to issue monthly certification reports to verify these assets.
Primary Uses of RLUSD
Ripple envisions RLUSD being utilized for business remittances, centralized exchanges, and payment service providers. The main features highlighted include:
- High Liquidity
- Access to Multiple Ecosystems
- Low-Cost Global Transfers
- Programmable Nature for Efficient Transactions
Future plans for RLUSD include integration with blockchains and DeFi (Decentralized Finance) protocols beyond XRP Ledger and Ethereum.
Current Stablecoin Market Landscape
The stablecoin market is highly competitive, with Tether's USDT holding a 70% market share at a market cap of around $114 billion, followed by Circle's USD Coin (USDC) with $33 billion.
Despite this, Ripple's Managing Director for the Middle East and Africa, Reece Merrick, predicts the current $150 billion stablecoin market could expand to as much as $3 trillion by 2028.
Other major players are also making moves. PayPal launched PYUSD on Ethereum in August 2023 and made it available on Solana by May of this year.
Additionally, the Ethereum-based DeFi protocol "Ethena" has issued the stablecoin "USDe," which distributes interest through ETH staking, drawing significant attention.
Ripple's entry with RLUSD introduces a new choice in the competitive stablecoin market. With support on both the XRP Ledger and Ethereum, high liquidity, low fees, and programmability, RLUSD is poised to be primarily used in business applications.
The growth of the stablecoin market and RLUSD's potential position within it is drawing significant interest both within and outside the industry.
>> RLUSD Official Page
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