Ripple President Sheds Key Light on RLUSD Days After Launch

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As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed the rise and fall of countless digital currencies. However, the recent launch of Ripple USD (RLUSD) has piqued my interest significantly.

In a recent tweet, Ripple shared a short clip featuring its president, Monica Long, who provided valuable insights into the newly launched RLUSD stablecoin. This new stablecoin aims to set a new benchmark in the stablecoin landscape.

Worldwide, the issuance and utilization of stablecoins are on the rise, forecasted to reach an astounding $3 trillion within the next five years. The main driving force behind this continuous growth is the implementation of cryptocurrency regulations that will foster the adoption of stablecoins and pave the way for a groundbreaking era in financial creativity.

The market for stablecoins is expanding, yet it’s essential to focus on trustworthiness, adherence to regulations, and usefulness.

— Ripple (@Ripple) December 18, 2024

In the wake of its release, Ripple’s President Monica Long outlined the rationale behind creating RLUSD as a pioneer in the stablecoin sector. Long emphasized that while the market for stablecoins is expanding, trustworthiness, compliance, and utility are paramount, which is why Ripple developed the RLUSD stablecoin.

On both the XRP Ledger and Ethereum network, Ripple’s USD (xRapid) bridges various systems. As per Ripple, this digital currency is designed with a strong emphasis on regulatory compliance.

Ahead of the RLUSD unveiling, Long expressed that this event marks a fresh start for both the XRP Ledger and Ripple’s role in its over $70 billion transaction network.

Ripple stablecoin kicks off on positive note

As a dedicated researcher in the field of digital currencies, I had the privilege of witnessing a historic moment on December 17, 2024, when Ripple USD (RLUSD) was successfully launched across global exchanges. This event marked a pivotal step forward for both Ripple and the XRP community, signifying our continued growth and commitment to innovation in the realm of blockchain technology.

1) The RLUSD declares itself as a robust, USD-backed stablecoin suitable for enterprise use, and one of the rare ones regulated under a New York Trust Company Charter, providing stringent oversight and compliance. Notably, Ripple has established an advisory board consisting of esteemed individuals like Sheila Bair, former Chair of the Federal Deposit Insurance Corporation (FDIC), Raghuram Rajan, ex-governor of the Reserve Bank of India, and Kenneth Montgomery, who served as the First Vice President and COO at the Federal Reserve Bank of Boston.

24 hours following the launch of RLUSD, statistics reveal an encouraging start for the stablecoin. The total amount in circulation is 68,200,300 RLUSD; 15,100,171 RLUSD were minted on the XRP Ledger, while 53,100,129 RLUSD were minted on Ethereum. A trading volume of $1,700,000 was reported on the XRPL DEX (excluding Automated Market Makers), and there were 32,908 trustlines and 5,875 holders on the XRP platform, with 492 holders on Ethereum.

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2024-12-19 14:45