Stablecoin Ripple RLUSD announced

Ripple USD (RLUSD), issued by Standard Custody & Trust Company, LLC, a wholly owned subsidiary of Ripple Labs, has announced that the RLUSD stablecoin is pegged one-to-one to the US dollar. It will be available on the Ripple and Ethereum networks starting December 17 (Azar 27).

Each RLUSD token is fully backed by US dollar deposits, government securities, and cash equivalents. It is a USD-backed stablecoin built on trust, liquidity, and compliance at its core. Every RLUSD unit is supported by at least an equivalent amount in US dollars and other cash equivalents. RLUSD has been specifically designed for international payments, providing users with reliable access to digital dollars.

As a pioneer in the industry for over a decade, Ripple has a proven track record of delivering innovative blockchain solutions at scale. The strong ecosystem relationships developed over ten years facilitate broad access to RLUSD for financial institutions, businesses, and developers. Ripple’s commitment to regulatory compliance and licensing enables RLUSD users to transact with confidence.

RLUSD combines the reliability of the US dollar with the technological efficiencies of blockchain in a compliant and regulated manner. Recently, it was announced that Ripple USD (RLUSD) has been officially launched by a San Francisco-based crypto company of the same name. This stablecoin will operate simultaneously on two networks — at least according to current plans — which are Ethereum and Ripple’s native ledger, the XRP Ledger (XRPL). All users can officially interact with RLUSD.

On various decentralized exchanges, the price of this stablecoin initially experienced fluctuations of around 20%, as Ripple USD was initially pegged 1:1 to the US dollar. However, according to XPMarket reports, the price of RLUSD has now stabilized at $1. Interestingly, with the launch of this stablecoin, the price of XRP experienced a sharp decline of over 2.2%, reaching $2.635 per token at one point. This may have been due to users exchanging digital assets for RLUSD to test the system or out of excitement. Nevertheless, at the time of writing, XRP’s rate is recovering and gaining momentum.