- Reserves of USD, other currencies and cash equivalents are equal to 1:1.
- Ripple’s stablecoin integrates with ODL, and supports multichain interoperability.
Ripple (RLUSD) is the Real Dollar own Soon, stablecoin will be released. Declared at the XRP Ledger Apex Meeting. “I prefer to call it Real USD… Ripple USD,” said Brad Garlinghouse is the CEO of Ripple.
This action is a good example. Ripple This is an indication of their calculated entry in to the $3 trillion stablecoins sector, which is projected to grow over the next few years. next Few years.
‘The name of the @Ripple Stablecoin is a cryptocurrency. $RLUSD, I like to call it Real USD… Ripple USD’ – Brad Garlinghouse (@bgarlinghouse( #XRPLApex 2024 ⚡💙 pic.twitter.com/cRVsgnQLXQ
— XRP Ledger Apex (@xrplapex) June 12, 2024
CoinMarketCap shows that the current price of XRP is $0.4870Up 1.10% Over the day before. Still, it also shows a bearish trend—down 7.08% Over the past week.
Trademark Filing and Market Strategy
Ripple started registering RLUSD May 7, 2020. as a trademark. This document describes its electronic application. financial CNF’s previous disclosures on services include payments made in virtual currency, as well as monetary transactions.
The stability of the stablecoin will be ensured by monthly attestations. This will include a reserve consisting of US Dollar deposits, US Government Treasury Bills, and currency equivalents.
The robust frameworks for compliance are among the most important. Ripple The BitLicense from New York and the Major Payment Institution license issued by Singapore’s Monetary Authority. This compliance effort is crucial to gaining confidence in the tightly controlled stablecoin markets.
RLUSD is interoperable both with Ethereum’s blockchain and its own. XRP Ledger The company has rebranded its On-Demand liquidty (ODL) product to integrate with Ripple Payments. Multi-chain compatibility is expected to result in a broad usability as well as cross-chain interaction.
Community Responses and Challenges
Different opinions have been voiced in the crypto community about the ticker “RLUSD”. Although some critics argue that names such as USDX and USDR would be more enticing to users, RLUSD is the name chosen by Ripple because other organizations already had these options. Ripple, despite divided opinions, is confident that RLUSD will play a significant role in its ecosystem.
You may also like:
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: www.crypto-news-flash.com