Everything seemed to be ready for Ripple USD (RLUSD), the new stablecoin issued by the Ripple company to hit the market today.
As CriptoNoticias reported on Friday, there was a lot of expectation that today is the official launch. But the same company reported that RLUSD will not be launched today.
It can be read in a publication in X made from the Ripple company account: «Despite some speculation, RLUSD will not launch today. “We are in tune with the New York Department of Financial Services (NYDFS) for final approval and will share updates as soon as possible.”
In the same statement, Ripple adds: “We are fully committed to launching under the supervision of the NYDFS and meeting the highest regulatory standards. Stay tuned for updates!”
As can be seen in the following graph, the price of XRP fell during the afternoon today, as a consequence of the non-launch of RLUSD:
XRP price in the last 24 hours. Source: CoinGecko.
In any case, the market continues to have high expectations about this launch, which could take place in the coming days.
This new digital asset will be issued Ethereum/” target=”_blank” rel=”noreferrer noopener”>on both the Ethereum network and the XRP Ledgerso it is expected that – if it is a successful stablecoin – it will be an upward catalyst for the price of XRP (Cryptocurrency used to pay commissions in the XRP Ledger).
Cryptocurrency price trackers such as Coingecko or CoinMarketCap already have everything ready for the launch, as can be seen in the image below:
CoinGecko is now ready for the arrival of RLUSD. Source: CoinGecko.
At the moment, although they were not released on the market, have already been issued at least 10 million RLUSD.
Why is the launch of RLUSD important?
This is a key moment for Rippleas the introduction of RLUSD not only expands its product portfolio but also marks its direct entry into the arena of stablecoinswhere it will face giants like Tether (USDT) and Circle (USDC). These two companies currently dominate the stablecoin market, with a combined market capitalization exceeding $150 billion. The competition is fierce, and for Ripple, joining this market means competing on a global level with companies that have long established their presence.
RLUSD Success Could Represent Significant Source of Revenue for Ripplewhich is vital for its sustainability and future expansion. Stablecoins have proven to be a fundamental tool in the cryptocurrency ecosystem, not only to maintain value without the volatility of other cryptoassets, but also to facilitate financial transactions and operations on various platforms.
Ripple, by introducing RLUSD, seeks to capture part of this lucrative market, thus boosting its profits through commissions and other services related to this currency.
Additionally, the RLUSD implementation has the Potential to Drive XRP Price FurtherRipple’s native cryptocurrency. This is because by trading on the XRP Ledger, RLUSD could increase the liquidity and utility of XRP. If RLUSD achieves significant adoption, payments and transactions on XRP could benefit from increased volume, which typically translates into a price increase, especially if the market perceives RLUSD.
Finally, regulatory support, especially from entities like the NYDFS, adds a layer of legitimacy to RLUSD that could be decisive. For many institutional investors and users, regulatory approval is a critical factor when choosing where to place their trust and resources.
If Ripple achieves this approval, RLUSD could become the stablecoin of choice for those who value both technological innovation and compliance with financial laws.
Update 12/4/2024 11 PM (UTC)– It is reported that the launch will not take place today.
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