Ripple’s upcoming stablecoin, RLUSD, is attracting significant interest ahead of its release on the XRP Ledger (XRP) on Tuesday. Bids for the token have reached as high as 836 XRP ($2068), despite being pegged to $1. This frenzy among enthusiasts is driven by speculators seeking to be the first to hold a new token or NFT, which can drive up prices.
Ripple’s CTO David Schwartz has acknowledged that some individuals are willing to pay $1,200 for a tiny fraction of one RLUSD, sparking concerns about liquidity and price discrepancies. However, Schwartz reassures that the price will return to close to $1 once supply stabilizes.
RLUSD is expected to go live on several exchanges and crypto platforms, including Uphold, MoonPay, Archax, and CoinMENA. The token’s initial listings are likely to attract early adopters and speculators, who may drive up prices temporarily before the price adjusts to its peg of $1.
While some concerns about liquidity and depegging have been raised, each RLUSD will be redeemable for only a dollar. As such, it is unlikely that the token will remain depegged for an extended period.
Source: https://www.coindesk.com/markets/2024/12/17/ripple-s-rlusd-stablecoin-attracts-frenzy-bids-for-800-xrp-ahead-of-release