Ripple Launches RLUSD Stablecoin, Get Ready For XRP Army!

Ripple is preparing to launch a RLUSD stablecoin. This launch is considered to trigger the price movement of the XRP coin. (Photo; Doc. Investopedia)

JAKARTA - Ripple, a global blockchain company focused on cross-border payments, is reportedly preparing to launch its latest stablecoin, namely RLUSD. Stablecoins whose value is set at 1:1 against the US dollar will be released on XRP Ledger (XRPL) and Ethereum. Despite the preparations that have matured, Ripple must wait for approval from the New York Department of Financial Services (NYDFS) so that it can be broadcast on XRPL and Ethereum networks.

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

Recent information states that currently only around 100 thousand RLUSD remain 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 is in the hands of NYDFS," he said, quoted by CryptoPotato. The application process for obtaining the permit is in the review stage.

Meanwhile, the price of XRP continues to show strong performance. XRP is trading at a price of $1.46 (around Rp23,068) on CoinGecko's latest data. 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 anti-crypto-known SEC chairman, will step down in January 2025.