Ripple’s President Monica Long recently addressed speculation around demand for Ripple’s upcoming dollar-pegged stablecoin, RLUSD. After attending the Singapore FinTech Festival, Long shared insights on the rising interest in stablecoins, especially USD-based options in regions like Latin America. She hinted at further opportunities for EUR and SGD-backed stablecoins, signaling a growing appetite for multi-currency possibilities in the market.
Long confirmed that customers are lined up and ready to use RLUSD once it becomes publicly available. While appearing on CNBC’s Street Signs Asia, Long highlighted the potential of stablecoins in payments, describing this use case as a “massive trend.”Her words indicate an even more elaborate effort to expand the stablecoin space by creating coins backed by fiat money.
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RLUSD Nears Launch, Backed by Short-Term Bonds and Cash Reserves
Short-term U.S. Treasury bonds, dollar deposits, and cash equivalents will back RLUSD. For additional transparency, Ripple, alongside Chorus, will include a monthly independent attestation of RLUSD reserves obtained by Chorus with the assistance of San Francisco-based BPM.
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Later in October, RLUSD was declared operational and account-ready and awaited approval from the New York Department of Financial Services. Ripple has also organized partners for the exchange and market makers for RLUSD, which makes sense for the company to prepare for a streamlined process. Moreover, owning to more growth, Ripple continued to enrich the company’s advisory board by inviting such members as ex-FDIC Chair Sheila Bair and ex-Centre CEO David Puth.
Ripple’s plans align with its goal to enter the $179 billion stablecoin market, which continues to grow rapidly. The launch of RLUSD aims to meet the rising demand for USD-backed stability while adding EUR and SGD-backed options in the future, which could broaden its appeal. With a strategic approach to transparency and regulatory compliance, Ripple is positioning itself to compete strongly in the expanding stablecoin space as RLUSD’s public debut approaches.
Also Read: Ripple CEO Foresees Brighter Days for XRP Amid Potential SEC Revamp
Maxwell Mutuma
Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. He writes extensively on topics such as blockchain, cryptocurrency, tokens, and more for top publications such as Coingape, Coin Edition, and The Coin Republic. His goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.