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Ripple USD (RLUSD) will be a stablecoin that will maintain parity with the US dollar.
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Ripple will begin to compete against industry giants such as Tether and Circle.
Ripple, the company known for its XRP Cryptocurrency and its focus on cross-border payment solutions and tools for banks, is on the threshold of a “hinge” milestone in its trajectory: the launch of its stablecoin, Ripple USD (RLUSD).
As CriptoNoticias reported yesterday, this new financial product has approval from the New York State regulator to be launched on the market. The launch of RLUSD on the exchanges would be imminent and It could happen in the next few hours or days. Maybe this week.
This movement not only represents a new chapter for Ripplebut also has the potential to redefine its position in the cryptocurrency ecosystemexpanding its reach and relevance in an increasingly competitive market.
The arrival of RLUSD to the market represents a direct competition for established giants like Tether (USDT) and Circle (USDC)whose dominance has translated into a market capitalization that exceeds $150 billion.
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The following graph, provided by the company CoinGecko, shows how the stable cryptocurrency market is currently constituted, with USDT at the head:
USDT is the dominant stablecoin. Source: CoinGecko.
Ripple, with its new offering, not only seeks to capture a portion of this lucrative segment, but also proposes an alternative that will seek to distinguish itself by its regulatory compliancean attribute that will resonate with financial institutions and users looking for regulated and safe options.
The seal of approval from the New York State Department of Financial Services marks a turning point in a period where the regulation of cryptoassets is a central topic in global discussions. Such a regulatory feature is a trump card for Ripple (for years under the securities regulator’s eye), potentially attracting institutional investors and encouraging a clearer legal framework for cryptocurrencies.
In addition to strengthening Ripple’s portfolio, RLUSD is set to boost the XRP Ledger and, by extension, the XRP cryptocurrency itself. By trading on both Ethereum and the XRP Ledger, RLUSD can significantly increase the utility of XRP, thereby benefiting the Ripple ecosystem as a whole. The expectation is that transactions with RLUSD will increase the use of XRP, boosting its value.
XRP price is having a good close of 2024and the arrival of RLUSD could increase this trend:
XRP price history chart. Source: CoinGecko.
Ripple’s strategy also includes forming alliances with prominent Bitcoin-criptomonedas/” target=”_blank” rel=”noreferrer noopener”>exchange platforms (which will soon be announced) and create an advisory board of notable figures from the financial world. This is how it seeks to guarantee rapid adoption of RLUSD.
With these moves, Ripple not only seeks to diversify its portfolio, but also lay the foundation for a more robust and regulated presence in the world of cryptocurrencieshighlighting the importance of this launch in its long-term strategy.
Disclaimer: The views and opinions expressed in this article belong to its author and do not necessarily reflect those of CriptoNoticias. The author’s opinion is for informational purposes and under no circumstances constitutes an investment recommendation or financial advice.
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