Ripple is set to launch its United States dollar-pegged stablecoin, Ripple USD (RLUSD), on December 4, 2024, following approval from the New York Department of Financial Services. The cryptocurrency community is eagerly anticipating this launch, which will initially occur on Ripple's XRPL and Ethereum.
RLUSD is a 1:1 US dollar-backed stablecoin, fully supported by US dollar deposits and short-term US Treasury securities. Since August, RLUSD has been in beta testing on Ripple's decentralized public blockchain, the XRP Ledger, and the Ethereum mainnet.
Ripple plans to integrate RLUSD with XRP for cross-border payments, intending to serve global customers effectively. Ripple's CEO, Brad Garlinghouse, emphasized that RLUSD will primarily target large institutional players, aiming to fill a gap in the stablecoin market focused on compliance and institutional needs.
As RLUSD nears its launch, XRP has regained momentum, becoming the third-largest cryptocurrency by market cap, highlighting the growing interest in Ripple's offerings.