XRP whales are buying up the digital asset as Ripple launches its stablecoin, RLUSD, across major crypto exchanges. The stablecoin is pegged to the US dollar and intended for use on Ethereum and XRP Ledger. However, shortly after its release, it traded at an unexpected premium, potentially due to early supply issues.
Ripple's Chief Technology Officer, David Schwartz, assured that RLUSD would return to close to its target price of $1 once the market stabilizes. Initially, Ripple enthusiasts had offered high bids for RLUSD, suggesting strong demand.
The RLUSD launch has spurred interest in XRP, boosting its value to $2.71 before stabilizing at $2.52. In contrast, Bitcoin and Ethereum saw declines. Large investors, or "whales," have bought 30 million XRP ahead of this launch.
The New York Department of Financial Services cleared RLUSD for regulatory approval, furthering Ripple's potential in cross-border payments. Jack McDonald, Ripple's Senior VP of Stablecoins, predicts more institutional adoption of stablecoins, highlighting them as essential for global payments. Despite initial retail interest, Ripple aims to integrate RLUSD into its payment networks, targeting major banks and partners next year.
Булак: www.newsbtc.com ↗