Ripple has finally announced that the launch of its highly-anticipated stablecoin RLUSD is all set for tomorrow. Fox Business journalist Eleanor Terrett shared that the NYDFS-approved stablecoin will initially be accessible on Uphold, MoonPay, Archax, and CoinMENA.
Reportedly, the company plans to expand RLUSD’s reach to other platforms like Bitso, Bullish, and Bitstamp in the weeks to come.
Meanwhile, starting next year, Ripple Payments will integrate the stablecoin into its enterprise operations, enabling global payment solutions for its corporate clients.
Ripple says RLUSD is designed to support instant settlement for cross-border payments, improve liquidity in remittances, and provide a bridge between fiat and crypto. CEO Brad Garlinghouse described RLUSD as “a real step forward for crypto utility.”
RLUSD will operate on both the XRP Ledger and the Ethereum blockchain. This dual-blockchain approach means the stablecoin will be versatile enough for use by banks, decentralized finance (DeFi) protocols, and payment platforms.
The stablecoin’s reserves will reportedly be audited monthly by a third party. Institutional investors are placing significant pre-launch bids, showing confidence in Ripple’s ability to execute.
Ripple, though, has warned that the early days of RLUSD trading may see volatility as supply adjusts to demand. They also cautioned investors against giving into FOMO (fear of missing out).
Meanwhile, Ripple’s feud with the SEC is still not over. As known, the agency claims XRP was sold as an unregistered security, a move Ripple strongly denies. In July 2023, a federal judge ruled that XRP sales to institutional investors violated securities laws, but sales on exchanges did not.
Ripple was fined $125 million for the institutional sales, far less than the $2 billion initially sought by the SEC. Ripple’s leadership framed the ruling as a partial victory, though the SEC quickly filed an appeal.
The SEC’s appeal is now before the Second Circuit Court of Appeals, where it argues that the July ruling conflicts with Supreme Court precedents.
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