Ripple Labs RLUSD stablecoin will hit the market on December 17, amid intense community anticipation for the token
After a very long wait, Ripple Lab Inc’s United States dollar-pegged stablecoin RLUSD will launch on Tuesday, December 17. The San Francisco-based blockchain payment firm announced this information on Monday, citing that trading for the stablecoin across Ethereum and XRP Ledger (XRPL) will commence immediately.
Ripple’s RLUSD to Trade Across Several Platforms
In its announcement, Ripple highlighted that U.S. dollars, U.S. government bonds, and cash equivalents back the token.
The token will initially trade on platforms including MoonPay, Uphold, Bitso, Archax, and CoinMENA. In the future, RLUSD will become accessible on more platforms. It is worth noting that this news follows a recent regulatory milestone achieved by the firm and RLUSD.
Last week, Ripple received a license from the New York Department of Financial Services (NYDFS) for RLUSD.
The regulatory green light signaled a significant step for Ripple as it solidified its position in the evolving cryptocurrency landscape. Ultimately, the stablecoin launch is Ripple’s way of becoming the go-to network for international payments.
Speaking to Fortune in an interview, Ripple’s Senior Vice President of Stablecoins, Jack McDonald, stated, “Utility is at the forefront, and doing that in a regulated and compliant way is what we’re all about.”
McDonald explained that RLUSD will likely be the haven for people interested in digital currencies but concerned about the volatile nature of this asset class.
“Stablecoins are a bit of a hybrid situation, where it walks and talks a lot like a U.S. dollar, but by its nature, is nowhere near as volatile as cryptocurrencies are,” he added.
Potential Impact of RLUSD Launch on XRP Price
Several experts expect that the launch of RLUSD will positively impact the price of XRP.
Another group is concerned that the stablecoin launch will negatively impact on the utility of XRP. Top analyst Lakeita Powell belongs to the first group, waiting for a price rally for the coin. As it stands, all eyes are on XRP as Ripple prepares to launch the stablecoin.
In the meantime, XRP has slightly increased by 2.49% in the last 24 hours. With this gain, the coin is now trading at $2.49 according to data from CoinMarketCap.
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