Blockchain company Ripple has announced a platform for its new stablecoin RLUSD, aiming to enter a market largely dominated by Tether and Circle.
Digital asset company Ripple (XRP) has officially launched a stablecoin pegged to the US dollar in an effort to disrupt a market currently dominated by two major stablecoin issuers.
According to a Reuters report on October 15th, the RLUSD stablecoin is available on both the XRP Ledger and Ethereum networks, as well as several centralized trading platforms including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish. It will be accessible. .
Each RLUSD token is designed to maintain a one-to-one value with the US dollar and is fully backed by US dollar deposits, US government securities and cash equivalents, the report said.
Ripple challenges the stablecoin market with transparency
Aiming for transparency and regulatory compliance, Ripple has committed to monthly certifications and audits by a third-party accounting firm, although details of the audit partner have not yet been disclosed. RLUSD’s advisory board includes notable figures such as Sheila Baer, former chair of the Federal Deposit Insurance Corporation, Chris Larsen, co-founder of Ripple, and David Puth, former CEO of the CENTER consortium. It is.
Ripple faces the challenge of competing with established players like Tether and Circle as it enters the highly competitive stablecoin space. Tether and Circle are preparing for initial public offerings while navigating new European regulations.
Ripple’s entry into the stablecoin market comes as CEO Brad Garlinghouse says the stablecoin market, which is worth around $150 billion, could potentially reach $3 trillion by 2030. This took place several months after it was predicted that it would happen.
