Ripple Takes Major Step Ahead of RLUSD Stablecoin Launch

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As a seasoned analyst with over two decades of experience in the financial industry, I have witnessed the evolution of blockchain technology from a theoretical concept to a global phenomenon transforming various sectors. In my opinion, Ripple Labs’ latest push toward the launch of its RLUSD stablecoin is not just a step forward for the company, but a significant move for the entire blockchain ecosystem.

Ripple Labs Incorporated is taking significant strides towards the release of its RLUSD stablecoin. In their latest announcement, they unveiled the identities of crucial collaborators from exchange platforms and industry specialists in the field.

Ripple Labs RLUSD partners list

As a crypto investor, I’m excited to hear that RLUSD is set to be accessible on various global trading platforms such as Uphold, Bitstamp, Bitso, and Bullish. Given my understanding, many of these exchanges, particularly Uphold, have been long-term associates of the firm. This partnership history makes the support for RLUSD a seamless progression, which I find quite promising.

Besides revealing its exchange partners, Ripple Labs additionally disclosed its appointment to the RLUSD Advisory Committee. Among the advisors they presented are Sheila Bair, former Chair of the FDIC, and Chris Larsen, current Ripple Chairman. This move by the payments company is aimed at ensuring a strong foundation for RLUSD.

The company is currently engaged in a prolonged court dispute with the U.S. Securities and Exchange Commission (SEC). Both parties have filed appeals regarding the judgment, and one being a cross-appeal. This case, concerning the classification of XRP as a security, could potentially last for many months or even years.

According to Ripple, they are waiting for regulatory clearance regarding their stablecoin, RLUSD, and at this point, a timeline for approval remains undetermined. In the meantime, Ripple Labs is strategically positioning RLUSD by developing its practical applications.

How ready is RLUSD?

Ripple recognized the allure of the expanding market for stablecoins, where Tether and Circle are currently leading players. Having introduced their own stablecoin, they have since initiated a sequence of trials during their beta stage, involving both creating and destroying the digital token (i.e., minting and burning).

Recently, Ripple Labs advanced their testing process significantly by moving the RLUSD stablecoin into unidentified digital wallets. Notably, they have created and destroyed vast quantities of fresh assets across both the XRP Ledger and Ethereum blockchain networks.

Indeed, the company is set to make RLUSD available on the Ethereum blockchain by the end of this year, with a launch on the XRP Ledger scheduled for the following year.

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2024-10-15 17:34