As a researcher with a background in finance and cryptocurrencies, I’m closely following Ripple’s latest developments, especially regarding their plans to introduce a stablecoin called Ripple USD (RLUSD). This product could serve as a significant bridge between traditional finance and the crypto sector.
TL;DR
- Ripple plans to introduce a stablecoin on the XRP Ledger and Ethereum later this year, aiming to bridge traditional finance and the cryptocurrency sector.
The United States Securities and Exchange Commission (SEC) has labeled the product an “unregistered crypto asset,” continuing its longstanding legal battle with the company.
Here’s the Latest Info
Earlier this year, Ripple generated significant news coverage by announcing its plans to introduce a dollar-pegged stablecoin. According to CEO Brad Garlinghouse, this financial innovation could act as a connecting link between the conventional financial system and the cryptocurrency market.
In a recent update on X’s blog, the team disclosed more information. They announced that the upcoming stablecoin will be named Ripple USD (RLUSD). This coin will be supported by both the XRP Ledger and Ethereum platforms. Its launch is anticipated to occur towards the end of this year.
Some cryptocurrency advocates, including user Alex Cobb among them, have proposed in the past that the imminent release of this product could serve as a significant catalyst, potentially leading to a surge in price for Ripple’s digital token, XRP.
Before going live, RLUSD has sparked controversy. Unsurprisingly, the SEC, based in the United States, was among the critics. They categorized RLUSD as an “unregistered crypto asset.”
For over a decade, the regulatory agency has taken issue with Ripple’s business practices. In late 2020, it instigated legal action against the company and certain of its top executives. The allegation being that they illegally amassed over $1.3 billion through unregistered sales of XRP in the form of an investment security offering.
The case entered the trial stage in April of this year and underwent various progressions in the ensuing months. Some may consider the SEC as the underdog given that Ripple obtained three court victories in 2023, leading to a significant price surge for XRP. For those eager to explore further the implications of this lawsuit on cryptocurrency, please check out our informative video below.
What Else Is on Ripple’s Agenda?
The rollout of RLUSD is just one of the many initiatives that the company intends to concentrate on in the upcoming three-year period. Earlier this year, CEO Garlinghouse announced that broadening their global presence is another significant priority for them.
Despite the US market’s sluggish adoption due to regulatory issues, we will continue expanding. On the other hand, the non-US market has shown exceptional strength for us.
Here’s a suggestion for paraphrasing the given text while maintaining its original meaning and keeping it natural and easy to read:
As an analyst, I firmly believe that the potential is immense for Ripple and XRP. I’m confidently optimistic about this situation and I strongly believe that it will bring significant benefits to both Ripple and XRP. However, I also recognize that the US needs to clarify its stance on this matter.
Read More
- W PREDICTION. W cryptocurrency
- AAVE PREDICTION. AAVE cryptocurrency
- PENDLE PREDICTION. PENDLE cryptocurrency
- ZETA PREDICTION. ZETA cryptocurrency
- AEVO PREDICTION. AEVO cryptocurrency
- FutureNet Co-Founder Roman Ziemian Arrested in Montenegro Over $21M Theft
- CEL PREDICTION. CEL cryptocurrency
- CTSI PREDICTION. CTSI cryptocurrency
- USD HUF PREDICTION
- EUR PHP PREDICTION
2024-06-13 16:52