Ripple is all set to launch its US-backed RLUSD stablecoin on Tuesday and it will be available on major exchanges like MoonPay, Uphold, Bitso, ArchaxEx, and CoinMENA. Ripple(XRP) officially confirmed the launch of RLUSD on Monday. Ripple received approval from the New York Department of Financial Services(NYDFS) on December 10 and they are all set to release RLUSD after seven days.
Ripple Stablecoin ‘RLUSD’ goes live on Tuesday!
Ripple (XRP) and its stablecoin RLUSD is the sensational news in the cryptocurrency arena. Ripple’s RLUSD will be launched on Tuesday and will be available in major exchanges after the official launch. The stablecoin RLUSD will be issued under the compliance of New York Trust Company Charter and the coin has already been approved by the New York Department of Financial Services.
RLUSD will be backed by USD, bonds, and other cash equivalents in the ratio of 1:1. RLUSD is exclusively designed for cross-border transactions and institutional use. RLUSD received approval from the New York Department of Financial Services (NYDFS) on December 10. RLUSD will be available in cryptocurrency exchanges like MoonPay, CoinMENA, Uphold, Bitso, and ArchaxEX and is expected to be released on other platforms like Bitstamp, Bullish, and Mercado Bitcoin in the next weeks.
Ripple President Monica Long stated the significance of the launch and expressed her views on RLUSD. Monica Long stated that the release of RLUSD marked a new chapter, both for the XRP Ledger and for Ripple in their $70B+ payments flows. She explained that by combining their 10+ years in the business, the rigor and compliance required for stablecoin issuance by an NYDFS chartered company, and an experienced Advisory Board, RLUSD was launching from Day 1 with credibility, utility, and a wide range of partners ready to support it.
The authorities of crypto exchanges have high expectations and are excited about the official release of RLUSD. Simon McLoughlin, the CEO of Uphold, stated that it was no secret that they had been big supporters of the XRP community and praised the innovation Ripple had brought to the industry. He added that RLUSD was poised to play a significant role in the evolution of digital payments, enterprise finance, and beyond, and expressed pride in being among the initial launch partners of Ripple’s first-ever stablecoin solution.
RLUSD Launch and Price Surge of XRP
XRP is considered one of the most promising projects in the crypto arena. Experts from the crypto sphere believe that XRP could be the next project to cross the milestone of $100K after Bitcoin. The RLUSD launch news has created a significant impact on the market performance of XRP. according to the latest news, XRP price rose 1.62% after the RLUSD launch news. The latest reports suggest that XRP reached a seven-year high price of $2.82 this month and showed a price hike of 122% over the last month. At the time of writing XRP is valued at $2.52.
The Crypto analysts closely monitor the price spike and market performance of XRP based on its bullish pattern before and after the RLUSD launch news. The experts suggest that the price value of XRP could reach $3.50 to $4.50 by the end of the year and traders can expect a decent market performance from XRP.
XRP’s price surge is not entirely dependent on the RLUSD launch news. The administrative changes in the Securities and Exchange Commission (SEC) and the exit of Gary Gensler from the apex position are too responsible for it. XRP was in constant combat against the Securities and Exchange Commission which led to the decreased market demand of XRP. The condition is changing and XRP currently shows an 87% bullish trend in the market. The launch of RLUSD is indeed a catalyst for the unprecedented price surge of XRP.
RLUSD in Uphold Rewards Center: Earn Interesting Rewards!
Uphold is all set to integrate RLUSD into its rewards center to provide exciting rewards to XRP community members. Simon McLoughlin expressed that by adding RLUSD to the Uphold Rewards Center, they were able to offer the XRP community additional value when they held RLUSD in their Uphold wallet. This integration of RLUSD will benefit the XRP community members in various ways and provide several benefits. XRP community members will receive 5% rewards on RLUSD possession.
They will get early access to newly launched tokens and other rewards. The Uphold exchange provides different kinds of tasks, users can earn various rewards by completing these tasks. The tasks include visiting the platform, executing trades, depositing assets, etc. The XRP users who have unlocked all three levels available in the rewards center will get an exclusive right in the community. These members will receive 24-hour early access to the RLUSD stablecoin before it is available to the rest of the world. McLoughlin opined that this reward program and incentive campaign is meant to enhance user engagement and deliver a beneficial reward scheme to the members of the XRP community.
