The entire crypto community has been anticipating the launch of the Ripple-backed stablecoin, RLUSD. According to recent updates from the company, all is set for the launch pending regulatory nod. The introduction of RLUSD has been one of the major developments for Ripple in 2024 as it prepares to dabble into the $180 billion stablecoin market.
While industry members wait for the latest updates, a recent post on X drew the XRP community’s attention to a significant listing of the coin.
RLUSD Included in Extended Global Forex Data
Mr Man, a pro-XRP investor, highlighted the inclusion of RLUSD on the Extended Global Forex Data, a spreadsheet that compiles the list of globally recognized currencies. The list includes other popular stablecoins like USDT and USDC. The tweet, however, brought mixed reactions among community members as they weighed in on the significance of the inclusion.
Read Also: Ripple’s RLUSD Stablecoin Set for Public Launch Amid Rising Demand
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For context, RLUSD is a U.S. dollar-pegged stablecoin, issued on the XRPL (XRP Ledger). This blockchain is popular for its speed, low-transaction, and high throughput. Generally, stablecoins are designed to minimize volatility as they offer a stable value tied by fiat currencies.
Moreover, stablecoins are an important component of the crypto ecosystem because thet are used in trading, cross-boarder payments, transaction fee settlements, among other things. The inclusion of RLUSD on the Extended Global Forex Data depicts its recognition as a valuable currency for closing the gap between traditional and digital finance.
What This Means for RLUSD
The document highlights the stablecoin’s significance in global markets by showcasing it alongside other well-known assets. Notably, RLUSD is more likely to be adopted by companies, organizations, and traders looking for dependable and effective substitutes for international transactions.
Stablecoins are increasingly seen as instruments for innovation in international remittances, cross-border payments, and decentralized finance (DeFi) because of their consistent value and usefulness. Ultimately, RLUSD’s inclusion among other currencies testifies to its appeal as a key player in digital finance.
Read Also: Ripple Introduces RLUSD Stablecoin with Key Exchange Partnerships to Redefine Global Payments
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.