RLUSD Set to Launch with $66M Backing, NYDFS Approval
- RLUSD launches Tuesday on major exchanges, backed by $66M in minted tokens and NYDFS approval.
- Ripple plans multi-chain expansion, with Hoskinson hinting at Cardano integration.
- Positioned as a compliant alternative, RLUSD aims to challenge USDT and USDC dominance.
Ripples RLUSD stablecoin has earned praise from Cardano founder Charles Hoskinson, who called the project awesome in a recent social media post. His comment arrives as Ripple USD gears up for its official launch this Tuesday.
First announced in April, RLUSD is set to debut on major platforms, including Bitstamp. The launch comes on the heels of regulatory approval from the New York State Department of Financial Services (NYDFS). This green light solidifies RLUSDs status as one of the few fully regulated stablecoins in the market.
According to data from CryptoQuant, nearly $66 million worth of RLUSD tokens have been minted in the past two weeks. Ripples ambitious stablecoin will initially operate on the XRP Ledger and Ethereum blockchains. Ripple has also confirmed plans to expand to additional networks. Notably, Hoskinson hinted at integrating Ripple USD into Cardano, further amplifying the projects reach.
RLUSD Competing with Giants
Ripple USD enters a market dominated by Tether (USDT) and USDC, two behemoths in the dollar-backed stablecoin space. Ripple CEO Brad Garlinghouse, however, remains confident. He predicts growing demand for regulated tokens, positioning Ripple USD as a compliant alternative. Jack McDonald, Ripples stablecoin lead, called Ripple USD the gold standard of compliance, emphasizing its role in instant settlement, collateralization, and DeFi integration.
Hoskinsons support comes after a recent meeting with Brad Garlinghouse, where he praised the Ripple CEO as extremely collaborative. Their shared enthusiasm signals broader cooperation between Ripple and Cardano, potentially driving adoption of RLUSD across ecosystems.
With its regulatory clarity, early exchange support, and multi-chain strategy, Ripple USD is poised to disrupt the stablecoin market. The $66 million minted so far underscores growing investor confidence. Still, competition with giants like Tether and USDC will be fierce.
Read more: https://www.tronweekly.com/rlusd-set-to-launch-66m-backing-nydfs-approval/
Text source: TronWeekly
