RLUSD: Ripple Stablecoin Live on Kraken
Ripple introduced RLUSD, its stablecoin pegged to the US dollar, on the Kraken exchange. According to the company, RLUSD is live and can be used for real-time cross-border payments.
The company also claimed that BKK Forex and iSend are working with Ripple to use RLUSD for automated cross-border treasury services. Ripple plans to integrate RLUSD to deepen its penetration into the stablecoin ecosystem while expanding into related payment infrastructures. Washington has now started developing legislative frameworks for this purpose.
Ripple said that the stablecoin is already available for payments aboard their network. While Ripple added that RLUSD will be released for other institutional users gradually, select customers transact using the stablecoin.
McDonald, Ripple’s SVP of Stablecoins, stated that the token is in demand not just from the crypto markets but also from traditional finance markets, citing increasing market cap as evidence of growing and diverse use cases of the RLUSD stablecoin. RLUSD achieved a market cap of $240 million since its launch in December.
“There’s growing demand for RLUSD, and thus, we’re seeing the market cap continue to grow,” McDonald stated.
The announcement coincides with stablecoins taking center stage in news reports. Lawmakers are getting ready to vote on stablecoin legislation in Washington, which might establish more precise guidelines for issuance and supervision. Other players are swarming into the market, such as World Liberty Financial, a DeFi initiative supported by President Donald Trump is launching its token with a dollar value. The market is expanding, but Tether’s USDT is still the most used stablecoin globally.
Ripple’s wager is that with its current enterprise network and more regulatory clarity, RLUSD may have staying power in a market where usage is growing but transparency and trust are still lacking. A partnership between Ripple and Chainlink was announced on January 7th to facilitate RLUSD use in Decentralized Finance (DeFi).
The partnership incorporates Chainlink’s price feeds for RLUSD on Ethereum and the XRP Ledger to preserve tamper-proof data for DeFi applications and reduce risks like manipulation or outages
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