Ripple’s RLUSD Deployed On Ethereum
Ripple, the US-based enterprise company that created the third-largest cryptocurrency by market capitalization, made headlines when it revealed that its eagerly awaited stablecoin was finally prepared for deployment, which is scheduled for later today. Only $13.3 million of the RLUSD coins have been created on Ripple’s network, XRPL, whereas a large size of $53 million, is on the Ethereum network.
RLUSD shares the same goal as its rivals: to provide an enterprise-grade solution that blends the efficiency of blockchain technology with the stability of fiat money.
Users can use RLUSD to participate in the quickly expanding tokenized real-world assets market, make international payments, and ramp up or down their cryptocurrency usage. Senior vice president of stablecoins at Ripple, Jack McDonald, referred to RLUSD as “mile 1 of the marathon.”. The stablecoin will facilitate decentralized finance integrations and collateralization.
RLUSD is the “future of finance,” according to Ripple. This stablecoin has monthly third-party audits, backed by US dollar deposits, government bonds, and “other cash equivalents.”.
The minting process on Ethereum and XRPL already demonstrates that it will support multiple chains, with additional networks to follow. For “cross-border payments, DeFi integration, and bridging between fiat and crypto,” RLUSD was developed.
“Ripple wants to get into the stablecoin market, which is very competitive and expanding. The combined value of all these tokens has soared to over $200 billion, with Tether’s USDT and Circle’s USDC holding the majority of the market.
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