{"id":19896,"date":"2024-11-12T15:12:51","date_gmt":"2024-11-12T15:12:51","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=19896"},"modified":"2024-11-12T15:12:51","modified_gmt":"2024-11-12T15:12:51","slug":"heres-when-ripples-stablecoin-is-expected-to-launch-president-monica-long","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=19896","title":{"rendered":"Here\u2019s When Ripple\u2019s Stablecoin Is Expected to Launch: President Monica Long"},"content":{"rendered":"

TL;DR<\/strong><\/p>\n

Ripple\u2019s RLUSD stablecoin is in beta testing, with a launch pending regulatory approval.
\nThe team has picked Bitstamp, Bitso, Uphold, and others as exchange partners for the upcoming introduction.<\/span><\/p>\n

<\/a><\/span><\/h2>\n

RLUSD\u2019s Progress so Far<\/h2>\n

Ripple made the headlines in April this year, <\/span>announcing<\/span><\/a> plans to introduce a stablecoin pegged 1:1 to the US dollar. <\/span>In the following months, the team revealed that the product\u2019s name <\/span>will<\/span> be RLUSD and <\/span>will<\/span> be<\/span> available on the XRP Ledger (XRPL) and Ethereum.<\/span><\/p>\n

In August 2024, Ripple <\/span>began<\/span><\/a> beta testing the stablecoin, warning that it <\/span>will<\/span> become available for purchasing and trading after receiving necessary regulatory approval.<\/span><\/p>\n

Last month, the team <\/span>named<\/span><\/a> numerous well-known entities, including Bitstamp, Bitso, Uphold, Bullish, CoinMENA, Independent Reserve, and MoonPay, as exchange partners of the initiative.<\/span><\/p>\n

In a recent interview for CNBC, Monica Long (Ripple\u2019s president) <\/span>provided<\/span><\/a> additional information about RLUSD\u2019s advancement. She claimed the team is \u201coperationally ready\u201d to launch the stablecoin. Nonetheless, the development will happen once it gets the green light from the New York Department of Financial Services (NYDFS).<\/span><\/p>\n

\u201cIt\u2019s up to them. They are reviewing our trust application. <\/span>It\u2019s going to<\/span> be in their hands when they <\/span>are approving<\/span> it.\u201d<\/span><\/p>\n

Long envisioned the market cap of all stablecoins to rise from its current $180 billion to over $3 trillion in the next few years \u201cbecause there\u2019s going to be more demand drivers like payments.\u201d She also assumed a de-dollarization scenario where future financial products of that type will <\/span>be increasingly pegged<\/span> to other fiat currencies such as the euro, yen, and others.\u00a0<\/span><\/p>\n

USDT and USDC Lead the Pack<\/span><\/h2>\n

Stablecoins are a type of cryptocurrency whose valuation is linked to a specific asset, such as a fiat currency, a commodity (like gold), or occasionally a basket of assets. They aim to facilitate fast and borderless transactions, making them useful for payments, money transfers, and a store of value.<\/span><\/p>\n

As mentioned above, the total market cap of the niche is currently standing at approximately $180 billion, with Tether (USDT) being the undisputed leader. The stablecoin is pegged to the greenback and is the third-biggest cryptocurrency (trailing behind BTC and ETH), with its capitalization hitting a new all-time high of almost $125 billion today (November 12).
\n<\/span><\/p>\n

<\/a>USDT Market Cap, Source: CoinGecko<\/p>\n

Circle\u2019s USDC comes second. Its current market cap is around $37 billion, far less than the peak of $56 billion observed in June 2022.<\/span><\/p>\n

The <\/span>rest of the<\/span> stablecoins, whose capitalization has crossed the $1 billion milestone, include USDS, DAI, USDE, and FDUSD.\u00a0<\/span><\/p>\n

The post Here\u2019s When Ripple\u2019s Stablecoin Is Expected to Launch: President Monica Long<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

TL;DR Ripple\u2019s RLUSD stablecoin is in beta testing, with a launch pending regulatory approval. The team has picked Bitstamp, Bitso, Uphold, and others as exchange partners for the upcoming introduction. RLUSD\u2019s Progress so Far Ripple made the headlines in April this year, announcing plans to introduce a stablecoin pegged 1:1 to the US dollar. In […]<\/p>\n","protected":false},"author":0,"featured_media":19897,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-19896","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/19896"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19896"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/19896\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/19897"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19896"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19896"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19896"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}