American blockchain payments company Ripple Labs Inc has taken an emphatic leap in its attempt to launch a stablecoin, as previously announced. As revealed According to Emi Yoshikawa, Vice President of Strategic Initiatives at Ripple, the proposed stablecoin will carry the symbol “RLUSD.”
American blockchain payments company Ripple Labs Inc has taken an emphatic leap in its attempt to launch a stablecoin, as previously announced. As revealed According to Emi Yoshikawa, Vice President of Strategic Initiatives at Ripple, the proposed stablecoin will carry the symbol “RLUSD.”
Yuri MolchanThis ticker was unveiled at the ongoing XRPLApex summit in Amsterdam, Netherlands. Ripple broke Crypto X when he announced in April that he plans to launch a stablecoin that will be backed by the US dollar. The decision to launch the stablecoin is a natural one for Ripple Labs, considering that it operates a payments business that can benefit from the launch of the stablecoin.
The stablecoin market is also very strong: the dollar stablecoin has a total circulating supply worth $16.5 billion, with Tether taking the lion’s share. USDT dominates the stablecoin market, with a market capitalization of over $112.4 billion. This is Ripple’s main goal as it seeks to curb Tether’s dominance in the broader stablecoin market.
Ripple Labs has not revealed many details about its stablecoin at the moment, except that it will issue it on XRP Ledger, its own layer 1 blockchain network. The exact launch date has not yet been revealed, as it plans to obtain all the necessary licenses before finally being able to launch the stablecoin.
Alex DovbnyaRipple is trying to do things by the rules right now, having hit a major roadblock with the Securities and Exchange Commission (SEC) over XRP sales. He plans to avoid similar experiences with the regulator, which is already eyeing the stablecoin. While the case has made significant progress, the SEC has a history of filing a Wells Notice against stablecoin issuers, as it did in the Paxos case over the issuance of BUSD.
With Ripple’s history, it is likely looking for a flawless launch just like PayPal did when it launched its PYUSD stablecoin.
