As a seasoned researcher with years of experience in the cryptocurrency sector, I must admit that the recent developments surrounding Ripple‘s RLUSD stablecoin have piqued my interest. Having closely followed the journey of various digital assets, I can’t help but be impressed by the strides Ripple is making in this arena.
In a recent social media update, the founder of Cardano, Charles Hoskinson, expressed admiration for Ripple’s RLUSD stablecoin, labeling it as “amazing.
According to a report from U.Today, it appears that the stablecoin project unveiled by Ripple back in April is set to debut on several significant exchanges, such as Bitstamp, come Tuesday.
Last week, the product was greenlit by the New York State Department of Financial Services.
Over the last fortnight, approximately $66 million worth of RLUSD tokens have been produced, as indicated by data from the cryptocurrency analysis platform, CryptoQuant.
As an analyst, I can share that according to Jack McDonald of Ripple, their stablecoin offers a wide range of potential applications. These include facilitating immediate transactions, serving as collateral, integrating with Decentralized Finance (DeFi) systems, and more.
In simpler terms, the new stablecoin initiative will find itself up against heavyweights like Tether (USDT) and USD Coin (USDC).
Ripple CEO Brad Garlinghose has predicted growing demand for dollar-backed tokens.
Previously, McDonald stated that RLUSD would serve as an exemplary model for compliance. He further emphasized that it will be among the rare stablecoins to operate under comprehensive regulations.
Initially, the stablecoin can be found on both the XRP Ledger and Ethereum networks. Notably, Hoskinson mentioned plans for introducing this novel product to Cardano as well. Previously, Ripple had announced its intention to make the stablecoin accessible across multiple blockchain platforms.
Earlier this month, I had the pleasure of meeting with Brad Garlinghouse, the CEO of Ripple. I must say, he exhibited an exceptional level of collaboration in our discussion.
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2024-12-17 09:12