KEY POINTS
- $XRP spiked near $2.60 early Tuesday amid excitement around $RLUSD
- $RLUSD will initially be available on some of the industry's major exchanges
- $RLUSD offers 'real utility and are backed by years of trust and expertise in the industry: Garlinghouse
The XRP token's price surged early Tuesday as the world waits for the launch of Ripple's RLUSD stablecoin that received final approval from the New York State Department of Financial Services (NYDFS) last week.
XRP prices surged near $2.60 early Tuesday, gaining 7.4% in the last 24 hours. Despite a 3% dip in the past two weeks, the XRP Ledger's native cryptocurrency picked up momentum last week when Ripple confirmed that NYDFS had approved the RLUSD stablecoin for trading.
Where will $RLUSD Go Live?
Ripple, which oversees the development of the XRP Ledger, said Monday that its "enterprise-grade, USD-denominated stablecoin created with trust and utility, and compliance at its core," will be available in the following exchanges upon launch:
Uphold
Bitso
MoonPay
Archax
CoinMENA
The stablecoin is expected to launch on the following platforms in the coming weeks:
Bullish
Bitstamp
Mercado Bitcoin
Independent Reserve
Zero Hash
The fintech firm said it is expecting other exchanges and crypto platforms to list the stablecoin in the coming weeks. RLUSD is also available on the XRP Ledger and the Ethereum chain.
"Early on, Ripple made a deliberate choice to launch our stablecoin under the NYDFS limited purpose trust company charter, widely regarded as the premier regulatory standard worldwide," said Ripple CEO Brad Garlinghouse of the RLUSD coin.
"As the U.S. moves toward clearer regulations, we expect to see greater adoption of stablecoins like RLUSD, which offer real utility and are backed by years of trust and expertise in the industry," he added.
Key Features of the $RLUSD Coin
The RLUSD stablecoin's best feature is the fact that it is regulated by an American regulator, unlike some popular stablecoins in the market. Its other key features include:
- Instant cross-border payment settlements
- Access to liquidity for remittance and treasury operations
- Collateralization for trading tokenized real-world assets (RWAs)
- Reliable bridging between fiat currencies and crypto
- Seamless integration with DeFi protocols
Also, Ripple Payments will start using RLUSD for its enterprise customers that are in the global payments sector.
Ripple Announces New $RLUSD Advisory Board Members
As part of the company's pledge toward compliance, Ripple also announced Monday that it has tapped Raghuram Rajan and Kenneth Montgomery to join its RLUSD Advisory Board.
Rajan was a former Governor of the Reserve Bank of India, while Montgomery was a former first VP and COO of the Federal Reserve Bank of Boston. They are joining Sheila Bair, David Puth, and Chris Larsen in the board.
Meanwhile, RLUSD is a top business and finance trend on X as crypto users on the platform discuss the impact of the stablecoin's launch on the XRP token and how it can possibly change the dominance game in the broader stablecoin segment ruled by Tether's USDT.
