Introducing RLUSD: Ripple Labs' New Stablecoin Now Live on Ethereum and XRP Ledger

As reported yesterday, Ripple Labs’ new stablecoin, $RLUSD, is now live on the Ethereum network and on the XRP ledger (XRPL).

Cryptocurrency exchange Bitso announced the listing of Ripple’s new stablecoin, $RLUSD, on both the Ethereum network and the XRP ledger (XRPL).

The stablecoin is now available for trading on Bitso, making it accessible to users in Latin America.

With a 1:1 peg to the U.S. dollar, RLUSD aims to facilitate cross-border transactions, integrate with DeFi protocols, and bridge fiat-to-crypto interactions within the cryptocurrency ecosystem.

The stablecoin is designed to provide liquidity and offer a more stable option compared to XRP, which is known for its volatility.

To ensure regulatory compliance, Ripple obtained approval from the New York Department of Financial Services before launching RLUSD.

The stablecoin is backed by U.S. dollar deposits, government bonds, and other cash equivalents, and regular audits will be conducted to maintain transparency.

The debut of RLUSD has sparked optimism within the Ripple community, leading to a rise in the value of XRP.

At the time of writing, XRP is valued at $2.61, exhibiting a gain of over 5% during the day.

Over the past 30 days, XRP has experienced a remarkable surge of 155%.