As a seasoned researcher with years of immersion in the dynamic world of cryptocurrencies, I find it intriguing to witness the ongoing competition and collaboration among industry titans. Charles Hoskinson’s acknowledgment of Ripple Labs’ new stablecoin, RLUSD, marks a significant step towards fostering healthy competition.
Cardano Founder Charles Hoskinson has broken the silence on the newly launched RLUSD stablecoin from blockchain payments firm Ripple Labs Inc. Responding directly to the post update from Ripple Labs’ official X account, Charles Hoskinson typed, “Well done, Ripple!”
Charles Hoskinson Welcomes Competition
Approximately 195 different cryptocurrencies, known as stablecoins, are supported by the U.S. Dollar or other reserves in the broader crypto market. Tether (USDT) and Circle (USDC) account for more than 85% of the total value of all stablecoins, which exceeds $212 billion. However, even with this apparent monopoly, entities such as Ripple Labs are still striving to challenge the dominance of USDT and their own Ripple-issued USD-backed coin (RLUSD).
The Cardano Founder’s endorsement of the RLUSD deployment on mainnet signals his encouragement for increased competition within the industry. Although it’s uncertain how quickly RLUSD will begin challenging its major competitors, its widespread industry backing sets it up favorably from the get-go.
Well done, Ripple!
— Charles Hoskinson (@IOHK_Charles) December 17, 2024
Initially, the recently introduced RLUSD became available for trading on various international platforms such as Uphold, Bitso, MoonPay, Archax, and CoinMENA. According to XPMarket statistics, upon its debut, the RLUSD stablecoin was exchanged at $1.11 but strayed from the US Dollar’s value. At present, however, the price has stabilized back at $1.
Initially, Ripple Corporation introduced their stablecoin with a total value of $13.3 million, giving it a starting market capitalization of $1.3 million. According to this blockchain payment company, the number of tokens in circulation will expand as market fluctuations are reduced. At present, data from XPMarket indicates that approximately 1,000 individuals own this stablecoin.
Will RLUSD Launch on the Cardano Network
For several months now, Ripple Labs has been running beta tests for the RLUSD stablecoin on both the XRP Ledger (XRPL) and Ethereum network. Although the exact schedule for expanding the token to other networks is undetermined, hints suggest that it may be extended to Cardano in the future.
Although Charles Hoskinson and the XRP community had a difficult history, their rapport seems to be on the mend. In fact, as previously mentioned by Coingape, Hoskinson and Ripple’s CTO David Schwartz recently engaged in discussions about the Midnight Network and XRP back in November.
Although the implications for the future of both systems is yet undefined, this could indicate a willingness to collaborate in the near term.
Read More
- USD PHP PREDICTION
- POL PREDICTION. POL cryptocurrency
- Brent Oil Forecast
- Pokemon Is Collaborating With Dua Lipa
- EUR ZAR PREDICTION
- HBOs The Last of Us Used Heavy Make-up To Cover One Characters Real-Life Injury
- Final Fantasy 7 Gets Switch Update
- Project ARC Hands-On Preview: A Solid Tactical Shooter
- OKB PREDICTION. OKB cryptocurrency
- ONDO PREDICTION. ONDO cryptocurrency
2024-12-17 22:11