Ripple’s RLUSD Stablecoin Set to Launch Today, What’s Next for XRP?

Share This Post

XRP News

The post Ripple’s RLUSD Stablecoin Set to Launch Today, What’s Next for XRP? appeared first on Coinpedia Fintech News

The highly anticipated launch of Ripple’s dollar-pegged stablecoin, RLUSD, is expected to take place today, December 4, 2024. However, Ripple is reportedly awaiting approval from the New York Department of Financial Services, according to local media reports.

What is RLUSD?

Ripple USD (RLUSD), a 1:1 USD-backed stablecoin, offers transparency and stability on the XRP Ledger and Ethereum. With the launch of RLUSD, Ripple aims to leverage both its stablecoin and native token, XRP, to enhance its cross-border payment solutions.

At present, Ripple Labs has warned investors and institutions to avoid engaging with any token claiming to be RLUSD or Ripple USD before its official launch to prevent falling victim to scams. Despite this warning, RLUSD is currently listed on the cryptocurrency data platform CoinGecko.

Since August 2024, Ripple has been beta testing its RLUSD stablecoin on the XRP Ledger (XRPL) and Ethereum’s mainnet. The firm has shared plans to gradually expand RLUSD to more blockchains and DeFi protocols in the future.

Will RLUSD Impact XRP Price?

Despite the RLUSD launch, Ripple’s native token XRP, has already gained significant attention over the past week. Furthermore, experts anticipate a notable upward momentum for XRP once RLUSD becomes available on exchanges.

Currently, XRP is trading near $2.55 and has registered a price decline of 2.55% in the past 24 hours. During the same period, its trading volume dropped by $28%, indicating lower participation from traders and investors amid a bullish outlook.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Pacioli.ai Integrates USDC Payments and Rewards for Disclosure Reliability Analysis

PRESS RELEASE Zug, Switzerland, December 10, 2024 — Auditchain Labs AG, developer of Pacioliai, the world’s first RegFi protocol, is excited to announce the integration of USDC payments into

DWF Labs launches $20M fund to boost autonomous AI agents in Web3

DWF Labs, a prominent crypto market maker and investor, has unveiled a $20 million fund to foster the development of autonomous AI agents, according to a Dec 10 statement This initiative reflects the

Crypto Bloodbath: $1.69 Billion Liquidations as BTC, ETH, XRP Crash

The post Crypto Bloodbath: $169 Billion Liquidations as BTC, ETH, XRP Crash appeared first on Coinpedia Fintech News The overall cryptocurrency market appears to be bleeding, with major

Efficiency Meets Power: Microbt Launches New Whatsminer Bitcoin Miners in Abu Dhabi

Microbt, the well-known developer of Whatsminer application-specific integrated circuit (ASIC) bitcoin miners, revealed an exciting trio of new mining machines during the Bitcoin MENA Conference in

Microsoft Bitcoin Vote Ends with Shareholders Declining Crypto Investment

The post Microsoft Bitcoin Vote Ends with Shareholders Declining Crypto Investment appeared first on Coinpedia Fintech News In the latest development, Microsoft shareholders have rejected the

Microsoft Shareholders Vote Against Bitcoin Investment Proposal

The post Microsoft Shareholders Vote Against Bitcoin Investment Proposal appeared first on Coinpedia Fintech News Microsoft’s shareholder vote on the Bitcoin investment proposal has finally