Ripple's Stablecoin Stuns Major US Exchanges as XRP Community Awaits Launch
2024-12-12
Category: None

San Francisco-based crypto payment provider Ripple is reportedly accelerating preparations for its much-anticipated Ripple USD (RLUSD) stablecoin. Such a conclusion is drawn from the recent transfers that occurred using the token. In particular, four million RLUSD were transferred from the treasury to unknown XRP Ledger-based wallets.
Despite the anonymity of the parties involved in the recent transfer activity with RLUSD, the community account XRPWallets deciphered all the ways in and out for Ripple USD and, as it seems, the shift took place between Ripple and such venues as Bitstamp and Kraken, two major U.S. cryptocurrency exchanges.
Just over a day ago, Ripple CEO Brad Garlinghouse announced that the company had received final approval from the New York State Department of Financial Services (NYDFS) for RLUSD. With the exchange and partner listings going live soon, Garlinghouse reminded every XRP community enthusiast that when RLUSD goes live, you will hear it from Ripple first.
RLUSD issued 2M to this address activated by Bitstamp 1 thru R9U activated by Kraken. RLODN as you can see below does have a TL set for 10 Quadrillion! 🎉🎉🎉🎉
We are currently tracking 2 Ripple Wallets already with 10Q TLs set and this is proving its legitimacy. 🚀🚀🚀🚀 https://t.co/T5se1mtwVO pic.twitter.com/WbDX7yiRol
When Ripple's stablecoin (RLUSD) launch?
Interestingly, after receiving this "green light," most market participants expected Ripple USD to launch today, after the New York Stock Exchange (NYSE) opens. About six hours still remain to prove them right. But such an outcome is not guaranteed.
It is still the end of the year that is marked as the deadline for stablecoin launches, and with just under two weeks left, Ripple still has time to ship its stable token solution before 2024 is gone.
It will be interesting to see if RLUSD will become a full-fledged competitor to USDC and USDT. It is estimated that the stablecoin market will reach $2.3 trillion in the coming years, so there is still a lot of space to cover.