Bittime - Ripple launches RLUSD, a USD-based stablecoin. Find out the reasons behind this launch and an explanation from Ripple President, Monica Long.
Ripple officially launched its newest stablecoin, RLUSD on December 17, 2024. The move marks an important milestone in the journey of Ripple, which is now entering a stablecoin market that is expected to grow into a value market $2.8 trillion (around Rp. 45,360 trillion) in the next few years.
Ripple President, Monica Long, explains that the launch of RLUSD is not just a new innovation. However, this stablecoin is also part of Ripple's strategy to strengthen its role in the global digital payments ecosystem.
According to Long, RLUSD is expected to play a key role in increasing the efficiency and ease of global transactions, while meeting the growing need for stable digital assets.
Reasons Ripple Launched RLUSD
The launch of the RLUSD stablecoin was not a decision taken lightly. Monica Long explains that RLUSD comes in response to growing demand in the digital payments industry.
Sumber: X (@MonicaLongSF)
Ripple, with more than 10 years of experience in the payments sector and has processed more than $70 billion (around IDR 1,134 trillion) every year, now developing RLUSD to meet the needs of a larger market.
Long also stated that Ripple is committed to offering solutions that stable, trustworthy, And compatible with regulations, which is important amidst the uncertainty of the stablecoin market.
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According to Long, the stablecoin market is currently growing rapidly and is expected to reach $3 trillion (around IDR 48,600 trillion) in the next few years. Ripple sees a huge opportunity in this market.
Moreover, with the increasing demand for efficient and reliable payment solutions. As is RLUSD, Ripple aims to be a leader in providing stablecoins that can overcome inefficiencies in traditional payment systems.
Stack Ripple Strategy with RLUSD
RLUSD is not just a new product for Ripple. According to Monica Long, this stablecoin is an integral part of Ripple's strategy to dominate the global payments market. With RLUSD, Ripple wants to offer a solution that is faster, cheaper and more efficient than traditional payment systems.
More than that, the existence of this stablecoin will also increase XRP Ledger utility, which has long been Ripple's backbone in connecting global payment systems.
In its launch, RLUSD will be available on various major platforms such as Uphold, Bitso, MoonPay, Archax, and CoinMENA. Ripple plans to expand the list of platforms that support RLUSD in the coming weeks.
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They will add platforms like Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and Zero Hash. This shows how hard Ripple is working to ensure accessibility and acceptance of RLUSD worldwide.
More importantly, RLUSD has received official approval from New York State Department of Financial Services (NYDFS). It delivers additional trust to investors and users that this stablecoin has undergone rigorous inspections and meets high standards in terms of compliance and transparency.
Long also added that Ripple plans to provide independent auditor to carry out monthly verification regarding reserves that support this stablecoin, thereby providing more guarantees for users.
Conclusion
Launch RLUSD by Ripple is a major strategic move to strengthen the company's position in a stablecoin market that is expected to continue to grow rapidly. With the support of various factors, Ripple hopes that RLUSD will become a trusted and efficient solution for institutions and businesses.
Monica Long, President of Ripple, emphasized that this stablecoin is not just to compete with similar products already on the market. However, he also wanted to introduce himself RLUSD as an asset that will strengthen XRP Ledger and expand the adoption of blockchain technology worldwide.
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FAQ About RLUSD and Ripple
1. What is RLUSD and why is it important for Ripple?
RLUSD is a stablecoin launched by Ripple, which is fully backed by US dollar deposits, US government bonds and cash equivalents. This stablecoin aims to provide a faster, cheaper and more efficient global payment solution.
2. What differentiates RLUSD from other stablecoins?
RLUSD has regulatory compliance strict, supported by NYDFS, and high transparency with monthly audits to guarantee backup. It delivers more trust to users and institutions.
3. What impact will the launch of RLUSD have on XRP?
The launch of RLUSD will increase the utility of XRP Ledger, which could strengthen the adoption of XRP in global markets and expand Ripple's role in the digital financial ecosystem.
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Reference
News.AZ, Ripple announces official launch of RLUSD stablecoin, accessed December 19, 2024.
Times Tabloid, Ripple President Discusses RLUSD Strength In the $3 Trillion Projected Market, accessed December 19, 2024.
U.Today, Ripple Stablecoin: President Reveals What's Behind RLUSD, accessed December 19, 2024.
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