Ripple, the company behind the third-largest cryptocurrency, has launched its stablecoin, RLUSD, with a majority of its supply minted on the Ethereum network. The stablecoin is fully backed by US dollar deposits, government bonds, and other cash equivalents.
Ripple, the US-based enterprise company behind the third-largest cryptocurrency by market cap, announced on December 16 that its long-anticipated stablecoin, RLUSD , is finally ready to be deployed, which will happen later today. Interestingly, the majority of the RLUSD coins are on the Ethereum network – $52.9 million, while only $13.3 million have been minted on Ripple’s own – XRPL.
The numbers are quite impressive, given the fact that the stablecoin has not officially seen the light of day yet. This is scheduled to take place later today, as After receiving the necessary green light from the NYDFS, Ripple’s team announced on December 16 that RLUSD was going live the next day. Moreover, the stablecoin Advisory board has seen a couple of new additions – Raghuram Rajan (former RBI governor) and Kenneth Montgomery (former First VP and COO of Boston’s Federal Reserve). Ripple described RLUSD as the “future of finance.” It’s a stablecoin fully backed by US dollar deposits, government bonds and “other cash equivalents with monthly third-party audits.” It will receive multi-chain support, which is already evident by the minting process on Ethereum and XRPL, with other networks coming later. Ripple aims to enter a highly competitive and growing stablecoin market. The total value of all such tokens has shot above $200 billion recently and is mostly dominated by Tether’s USDT and Circle’s USDC
CRYPTOCURRENCY STABLECOIN RIPPLE RLUSD ETHEREUM
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