As a seasoned analyst with a penchant for the intricacies of the cryptocurrency market, I find myself quite intrigued by Ripple‘s latest announcement regarding their stablecoin, RLUSD. With my years of experience navigating the volatile and dynamic landscape of digital currencies, I can confidently say that this move is a strategic one, positioning Rippe to challenge the dominance of Tether’s USDT and Circle’s USDC in the growing stablecoin market.
On December 16th, Ripple, a U.S.-based enterprise corporation responsible for the third most valuable cryptocurrency, announced that their eagerly awaited stablecoin is now prepared for release, with deployment scheduled for later today.
Before the formal announcement, there was much talk about speculation and deceitful activities. However, CryptoQuant’s data indicates a substantial increase in newly minted tokens, amounting to approximately 66 million dollars.
It’s worth noting that most of the RLUSD coins reside on the Ethereum network, amounting to approximately $52.9 million, whereas just $13.3 million has been generated on Ripple’s native network, XRPL.
The numbers are quite impressive, given the fact that the stablecoin has not officially seen the light of day yet. This is scheduled to take place later today, as reported yesterday.
Following approval from the NYDFS, Ripple’s team declared on December 16 that RLUSD would become operational the following day. Additionally, the Stablecoin Advisory Board has recently welcomed two new members: Raghuram Rajan, who served as the former governor of the Reserve Bank of India, and Kenneth Montgomery, a former First Vice President and COO at Boston’s Federal Reserve.
Ripple refers to RLUSD as a potential cornerstone in the financial sector. This stablecoin is fully collateralized by US dollar reserves, government bonds, and similar monetary assets, with regular monthly audits for transparency. It’s designed to work across multiple blockchain platforms, a feature that is demonstrated through its minting process on Ethereum and XRPL, with additional chains set to join later.
RLUSD is built for “cross-border payments, DeFi integration, and bridging between fiat and crypto.”
Ripple aspires to make its entrance into the rapidly expanding and cut-throat market for stablecoins. Notably, the collective worth of these digital tokens surpassed $200 billion just recently, with Tether’s USDT and Circle’s USDC commanding the majority of this market.
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2024-12-17 10:28