Ripple (XRP-USD) is gearing up to launch its highly anticipated stablecoin, RLUSD, pegged to the U.S. dollar, with a debut expected on December 4, 2024. The crypto community is excited, as the launch follows approval from the New York Department of Financial Services and months of beta testing. According to Fox Business, the RLUSD stablecoin will initially roll out on Ripple’s XRPL and Ethereum (ETH-USD) blockchains, with plans to expand to other platforms down the line.
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RLUSD Complements XRP in Cross-Border Payments
Ripple sees RLUSD as a complementary asset to XRP in its cross-border payments solution. Ripple President Monica Long explained that RLUSD was designed to work alongside XRP, enhancing liquidity and stability. While XRP’s liquidity helps stabilize RLUSD’s price, the stablecoin is aimed at large institutional clients looking for compliance and reliability in the stablecoin market, according to CEO Brad Garlinghouse.
Ripple Bets on Institutional Investors
In a recent interview, Garlinghouse highlighted that RLUSD will be especially appealing to institutional players. Ripple has already integrated stablecoins into its payment systems, even minting 20% of Circle’s USD Coin. Given recent concerns over depegging events, Ripple is aiming to position RLUSD as a trusted alternative for large financial institutions seeking a stablecoin solution.
At the time of writing, Ripple’s native token XRP is sitting at $2.5858.
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