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Cryptocurrency News Articles
Ripple Announces Plans for Its New Stablecoin, Ripple USD (RLUSD), Targeting Japan and Other Markets Outside the United States
Sep 27, 2024 at 04:00 pm
Ripple President Monica Long made the statement during a recent interview with a Japanese media outlet. She stated that after this initial launch, Ripple will look
Ripple is preparing to launch its stablecoin, Ripple USD (RLUSD), in countries outside the United States where the company already has a license, according to a recent statement by Ripple President Monica Long in an interview with a Japanese media outlet.
After the initial launch, Ripple will consider entering more markets, including Japan, due to the high potential for RLUSD adoption in the country.
Ripple’s Legal Victory Paves Way for RLUSD Global Expansion
Before the establishment of RLUSD, Ripple emerged victorious in a significant legal battle with the United States Securities and Exchange Commission (SEC), with the court ruling that XRP is not a security. This decision brought clarity to the cryptocurrency market, enabling Ripple to expand its services.
Monica Long credits this win as a pivotal moment for Ripple, allowing the company to strengthen its presence in the US market, even though the majority of its growth continues to be driven by regions outside the US, particularly in the Asia-Pacific.
One of Ripple’s key goals is to integrate RLUSD into an efficient cross-border settlement solution. Being fully backed by US dollars and their equivalents in other currencies, RLUSD will provide a stablecoin that is both trustworthy and scalable.
Within the Ripple ecosystem, RLUSD is set to play a crucial role in enhancing transaction liquidity and efficiency. According to Monica Long:
“RLUSD is not intended to replace XRP, but to complement it. While XRP will continue to be used for lower market-cap assets, RLUSD will be an effective vehicle for larger transactions.”
Ripple has ambitious plans to integrate Ethereum interoperability into the XRP Ledger, allowing Ethereum developers to utilize XRP as a gas token on sidechains that are compatible with the Ethereum Virtual Machine (EVM).
This interface will open up more opportunities for developers to build decentralized finance (DeFi) applications and financial solutions on the XRPL, leveraging XRP’s scalability and efficiency.
Japan is emerging as one of the most promising markets for Ripple, considering the company’s long-standing partnership with the SBI Group. As we previously reported, Ripple and SBI have collaborated on several projects, including the creation of a digital NFT wallet for Expo 2025 in Osaka, highlighting Ripple’s potential acceptance within Japan’s corporate landscape.
Moreover, SBI Remit, a subsidiary of the SBI Group, has been offering international remittance services since 2017, utilizing XRP as a bridge currency to facilitate fast and cost-efficient transactions.
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