Ripple Prepares to Launch RLUSD Stablecoin on XRP Ledger (XRPL) and Ethereum Networks

Ripple, a global blockchain company focused on cross-border payments, is reportedly preparing to launch its latest stablecoin, namely RLUSD.

Jakarta - Ripple, a global blockchain company engaged in cross-border payments, is reportedly preparing to launch its latest stablecoin, namely RLUSD. Stablecoins whose value is pegged 1:1 to the US Dollar will be launched on XRP Ledger (XRPL) and Ethereum. Despite preparations that have matured, Ripple must still await approval from the New York Department of Financial Services (NYDFS) for it to be aired on the XRPL and Ethereum networks.

Previously, Ripple first announced its plan to launch this new stablecoin in April 2023. Since then, Ripple has carried out massive trials, including the RLUSD printing and burning process.

ALSO READ:Recent data notes that currently only about 100 thousand RLUSD are circulating on the Ethereum and XRP Ledger networks. Even so, Ripple is still waiting for official permission from the NYDFS to fully launch this stablecoin.

Monica Long as President of Ripple revealed that her team was ready. However, the final decision lies with NYDFS," he said, as reported by CryptoPotato. The permit application process is in the review stage.

Meanwhile, the price of XRP continues to show strong performance. XRP is trading at a price of 1.46 Dollars (around Rp. 23,068) based on the latest data from CoinGecko. This price increase was driven by positive sentiment in the market, especially after Donald Trump's victory in the US election and the announcement that Gary Gensler, the SEC chairman who is known to be anti-crypto, will step down in January 2025.

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