- Ripple prepares to launch its RLUSD Stablecoin in order to compete against USDT or USDC as a means of instantaneous cross-border payment.
- Although the company is at risk of another SEC lawsuit, it has forged ahead and launched a new website that explains its functions.
Ripple Labs’ XRP stablecoin (RLUSD) was announced in the beginning of this year. Ripple will compete with USDT from Tether and USDC by Circle.
RLUSD was first proposed by Brad Garlinghouse at Amsterdam’s XRP Ledger Community Summit. Although President Monica Long has announced a launch date, there was no formal announcement. eluded A launch is planned for 2024.
As the San Francisco-headquartered company moves closer to launch, it has launched a separate website Dedicated to the project of stablecoin. Ripple intends to use blockchain technology via the XRP Ledger in order to facilitate international transactions. Launching of the website has sparked enthusiasm in the XRP communities.
๐จ Please Read: #Ripple Labs launched its official website for the RLUSD stablecoin. ๐๐ต Launched on the #XRP Ledger, RLUSD aims at competing with #Tether The USD Coin. ๐๐๐ pic.twitter.com/euWgVEhOql
โ Collin Brown (@CollinBrownXRP) August 4, 2024
The RLUSD Stablecoin, pegged to U.S. dollars, will play a crucial role in the cryptocurrency industry. It offers holders a quick and inexpensive cross-border payments option. Initial release of the stablecoin on both XRP Ledger (XRP) and Ethereum will provide users with access to two different ecosystems.
Some legal experts have warned that the launch of RLUSD might attract a second lawsuit. Ripple appears to be optimistic about the outcome of its ongoing Ripple v. SEC case, as the launch of their website and RLUSD are nearing.
Ripple, and certain legal experts, are confident that Ripple will win the XRP case. However some people warn the SEC may come after Ripple for launching RLUSD. Fred Rispoli, a lawyer and XRP supporter who commented recently on the launch of the website, expressed the same sentiment. He said:
The SEC cannot bootstrap a lawsuit that’s about to expire!
Based on the legal merits and Donald Trump’s likelihood to win the November election, the SEC will lose the case that has lasted four years. Trump promised to dismiss SEC chairman Gary Gensler. This is an attempt to promote crypto-friendly regulation, and possibly end the Ripple lawsuit. This change of administration may further undermine any case that involves the stablecoin project.
XRP Plunges Amid Market Wide Bloodbath
At the time this article was written, XRP traded at $0.4761. 10% plunge In the past 24 hours. It is the seventh-ranked altcoin that extends its weekly Losses of 21%.
The decline is part a global market downturn that has shook Bitcoin and many other global markets. The crypto market will rebound due to fears of a possible recession in the U.S.
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