Ripple’s RLUSD stablecoin is in beta testing and awaiting regulatory approval for an official launch. The stablecoin will be available on the XRP Ledger (XRPL) and Ethereum. Ripple has partnered with several well-known entities such as Bitstamp, Bitso, Uphold, Bullish, CoinMENA, Independent Reserve, and MoonPay.
Monica Long, Ripple’s president, stated that the team is “operationally ready” to launch the stablecoin, but it is awaiting approval from the New York Department of Financial Services (NYDFS). Stablecoins are cryptocurrencies whose valuation is linked to fiat currencies, commodities, or baskets of assets.
Tether (USDT) is the leading stablecoin with a market cap of almost $125 billion, followed by Circle’s USDC with a market cap of around $37 billion.
