The cryptocurrency industry has seen a rise in valuation after Donald Trump won the 47th U.S. election, with pro-Cretto reforms expected in the coming months. Taking advantage of this fun, Ripple launched its own Stablecoin Rlusd. A US fintech company behind XRP cryptocurrency introduced RLUSD as Stablecoin, with a 1:1 fixed at 1:1 USD, making 1 RLUSD equivalent to 1 USD (approximately Rs 85).
Stablecoins are cryptocurrency tokens and are backed by reserve assets such as gold or fiat currencies like the US dollar. Important examples include tethers, dollar coins and Binance USD. Unlike standalone cryptocurrencies such as Bitcoin or ether, Stablecoins are less susceptible to market volatility due to their asset backing, making them a reliable option for short-term and long-term investments.
The launch of RLUSD marks Ripple’s entry into the Stablecoin market. To support the RLUSD ecosystem, Ripple has established an advisory committee to oversee the RLUSD ecosystem and provide strategic, regulatory and operational guidance. Its famous members include former Reserve Bank of India (RBI) Governor Raghuram Rajan and other famous advisers.
Speaking about the future of Stablecoins, Rajan said the tokens could soon become part of the private payment system.
“Stablecoins can be the backbone of private payments by providing secure, scalable and effective alternatives to traditional systems. Joining the advisory board provides me with an opportunity to consult RLUSD for a rapidly growing financial landscape.” Rajan in a statement explain.
Raghuram Rajan served as the governor of the Reserve Bank of India from 2013 to 2016, during which time the central bank took a cautious stance on the cryptocurrency sector. Under his leadership, the Reserve Bank of India has issued potential risks to the public related to these highly volatile virtual assets.
Earlier this week, Ripple posted more details on its advisory board on X.
In addition to Sheila Bair, David Puth and Chris Larsen, the Ripple Stablecoin Advisory Board welcomes:
:arrow_right: Raghuram Rajan (Former Governor of the Reserve Bank of India)
: arrow_right: Kenneth Montgomery (former first vice president and Federal Reserve Bank of Boston)A team without other ones.
– Ripple (@ripple) December 16, 2024
Ripple’s Rlusd prospects
This month, the total valuation of the Stablecoin market exceeded US$200 billion (approximately Rs 17,01,256 crore) for the first time, according to Defilama. Ripple’s Rlusd Stablecoin joins this growing ecosystem and has now streamed Ethereum and related blockchains as well as XRP Ledger.
Over the next few days, RLUSD will be launched on platforms such as Bitso, Moonpay and Coinmena, with additional listings planned on other crypto exchanges.
Ripple aims to provide its corporate clients with RLUSD for large-scale international settlements. Stablecoin will also be an improvement in liquidity tool for remittance payments.
Since its inception in 2012, Ripple Payments has processed more than US$70 billion (approximately Rs 595,474 crore) in transaction volume, providing services to more than 90 payment markets.
