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Cryptocurrency News Articles
Ripple Labs’ RLUSD Stablecoin Is Now Active on the XRP Ledger, Marking a Significant Milestone for the Blockchain Firm
Sep 30, 2024 at 09:26 pm
The launch of the stablecoin is expected to bolster the value of XRP cryptocurrency. As per recent developments, users accessing Coinbase Wallet
Announced in April, Ripple Labs’ (CRYPTO: XRP) RLUSD stablecoin is now live on the XRP ledger.
What Happened: The launch of the stablecoin is expected to bolster the value of XRP cryptocurrency.
However, users accessing Coinbase Wallet are greeted with “insufficient liquidity” messages when attempting to interact with RLUSD.
This liquidity constraint is being viewed positively by market experts, indicating that institutions are actively engaging in the RLUSD ecosystem.
Institutions are being prioritized due to the regulatory oversight surrounding stablecoins.
The absence of liquidity for retail investors is said to be a strategic move to prevent sudden fluctuations in the monetary supply.
A stablecoin like RLUSD enhances the utility of XRP, making it a more attractive asset for both individuals and institutions.
As a heavily regulated crypto asset, RLUSD also provides a level of security and trust that appeals to traditional financial players.
See More: Best Cryptocurrency Scanners
RLUSD's Creation: The stablecoin was released in the private beta phase on the XRP Ledger and Ethereum mainnet.
As reported by TronWeekly earlier, Ripple unveiled the stable token pegged to the US dollar, offering developers and users a new asset class secured by high-quality financial instruments like US Treasury securities, cash, and dollar deposits.
RLUSD's creation is part of Ripple's broader efforts to attract high-value, liquid assets into the XRP Ledger.
The blockchain firm first proposed the U.S. dollar-linked stablecoin in April 2024 earlier this year, aiming to unlock new liquidity, bolster institutional adoption, and power decentralized applications in its ecosystem.
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