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In a recent tweet, Ripple shared a short clip featuring its president, Monica Long, who provided valuable insights into the newly launched $RLUSD stablecoin. This new stablecoin aims to set a new benchmark in the stablecoin landscape.
Stablecoin issuance and use are increasing globally, with the market expected to reach $3 trillion in the next five years. Key to this sustained expansion are crypto regulations, which will help advance the use of stablecoins and usher in a new era of financial innovation.
The stablecoin market is growing, but trust, compliance, and utility are critical. 🪙
— Ripple (@Ripple) December 18, 2024
Enter Ripple USD: https://t.co/Nu2yqsAYpj
Ripple President @MonicaLongSF explains why Ripple built $RLUSD to set a new benchmark for stablecoins. pic.twitter.com/Rfz0SXQiMx
Days after its launch, Ripple President Monica Long explained why Ripple built $RLUSD to set a new benchmark for stablecoins. According to Long, the stablecoin market is growing, but trust, compliance and utility are critical, hence the need for the $RLUSD stablecoin.
Issued on $XRP Ledger and Ethereum, Ripple USD opens the door to multiple ecosystems, and according to Ripple, it is built with regulatory compliance as a defining feature.
In a tweet ahead of the $RLUSD launch, Long stated that the release of $RLUSD heralds a new chapter for both $XRP Ledger and Ripple's use in its over $70 billion payment flows.
Ripple stablecoin kicks off on positive note
Ripple USD ($RLUSD) went live on global exchanges on Dec. 17, 2024, marking a significant milestone for Ripple and the $XRP community.
$RLUSD claims to be an enterprise-grade, USD-denominated stablecoin and one of the few issued under a New York Trust Company Charter, which ensures strict oversight and regulation. Ripple has formed an advisory board that includes former Federal Deposit Insurance Corporation (FDIC) Chair Sheila Bair; Raghuram Rajan, former governor of the Reserve Bank of India; and Kenneth Montgomery, former First Vice President and Chief Operating Officer of the Federal Reserve Bank of Boston.
Statistics shared 24 hours after the $RLUSD launch indicate that the stablecoin has kicked off on a positive note. The total supply was given as 68,200,300 $RLUSD; 15,100,171 $RLUSD minted on $XRP Ledger; 53,100,129 $RLUSD minted on Ethereum; $1,700,000 volume reported on XRPL DEX (without AMM); 32,908 trustlines on XRPL; 5,875 holders on XRPL and 492 holders on Ethereum.