Ripple has announced the official launch of its RLUSD stablecoin, scheduled for Tuesday, December 17. This move marks a significant step for the blockchain company as it continues to expand its offerings in the digital asset space.
XRP has jumped nearly 8% in the past hour following this announcement.
Ripple’s RLUSD Stablecoin Influences a Bullish Trigger for XRP
According to Ripple, an independent auditing firm will oversee the monthly attestations of RLUSD’s reserve assets to maintain transparency.
Initially, the RLUSD stablecoin will be available on platforms such as Uphold, MoonPay, Archax, and CoinMENA. Additional exchanges, including Bitso, Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and Zero Hash, are expected to list RLUSD soon.
“As the U.S. moves toward clearer regulations, we expect to see greater adoption of stablecoins like RLUSD, which offer real utility and are backed by years of trust and expertise in the industry,” said Brad Garlinghouse, Ripple’s CEO.
Meanwhile, the announcement has sparked a surge in XRP’s price, which jumped nearly 7% in the hour following the news. Daily trading volume for XRP rose nearly 72%, contributing to a 130% price increase over the past month.
Last week, the stablecoin received approval from the New York Department of Financial Services (NYDFS), clearing the way for its launch.
Ripple plans to integrate RLUSD into its payment solutions early next year, allowing enterprise customers to conduct global transactions. This initiative highlights Ripple’s commitment to enhancing cross-border payment efficiency for institutional clients.
Also, Ripple has appointed notable banking veterans to the stablecoins advisory board. This includes Raghuram Rajan, former Governor of the Reserve Bank of India, and Kenneth Montgomery, former First Vice President and COO of the Federal Reserve Bank of Boston.
Why RLUSD? Fully backed by US dollar deposits, US govt bonds and other cash equivalents with monthly third-party audits, Multi-chain support, Built for cross-border payments, DeFi integration, and bridging between fiat and crypto,” Ripple wrote on X (formerly Twitter).
A Strong Q4 for Ripple and XRP
The fourth quarter has been particularly favorable for Ripple. SEC Chair Gary Gensler, a prominent critic of XRP, recently announced his resignation. Since then, XRP has hit its highest price in nearly six years.
Meanwhile, pro-crypto advocate Paul Atkins has assumed the role. This leadership change has fueled optimism for Ripple. The company had been entangled in a prolonged legal battle with the SEC over XRP. The lawsuit had hindered XRP’s performance during previous market upswings.
As it enters the US market, RLUSD will compete with leading stablecoins, including Tether’s USDT and Circle’s USDC. The launch also coincides with growing institutional interest in XRP.
So far, four major asset management firms—WisdomTree, Bitwise, 21Shares, and Canary Capital—have filed applications for XRP ETFs, further indicating confidence in the altcoin.
Overall, Ripple’s latest developments and its RLUSD stablecoin signal a pivotal moment for the company and its ecosystem. This is potentially setting the stage for continued growth and adoption.
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