Ripple has launched its dollar-backed stablecoin, RLUSD, on several global crypto exchanges, including Bitso, Uphold, CoinMENA, MoonPay, and Archax. The token is compatible with the Ethereum blockchain and the XRP ledger.
RLUSD aims to maintain a constant value in line with the US dollar. Following its launch, the token traded at $1.50 on MoonPay, despite being initially valued as high as 511 XRP ($1,300) just days prior due to enthusiastic investor bids from overzealous Ripple fans.
As RLUSD drives volume on the XRP ledger, investors are rushing to buy XRP, which is used for transaction fees. XRP has surged 6% in 24 hours, reaching a high of $2.71. The launch marks part of Ripple’s effort to become the go-to payment network for cross-border transactions.
Ripple plans to integrate RLUSD into its payments business to facilitate international transactions for global banks and institutional customers starting next year. This move is seen as part of the larger stablecoin market growth, with Jack McDonald noting that stablecoins will be the “killer app” for global payments.
Source: https://fortune.com/crypto/2024/12/17/ripples-rlusd-global-exchanges-bitso-uphold-coinmena-moonpay-archax