Trading volume increased by 72% with the announcement of the listing of XRP and RLUSD on exchanges
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RLUSD officially received approval from the New York Department of Financial Services (NYDFS) last week on the 10th and is scheduled to be officially circulated through multiple exchanges on the 17th. The exchanges where Ripple announced the initial official listing of RLUSD are ▲Uphold ▲MoonPay ▲Accoins ▲CoinMena. Ripple also said it will list RLUSD on additional exchanges including ▲Bitso ▲Bullish ▲Bitstamp ▲Mercado Bitcoin ▲Independent Reserve ▲Zero Hash.
With the official launch announcement of RLUSD, XRP surged again. On the morning of the 17th, XRP's trading volume surged by about 72% along with the price surge. XRP's price surged by about 7.6%, recording $2.56.
RLUSD is a US dollar-pegged stablecoin designed for the purpose of conducting global transactions between companies. Ripple has recruited Raghuram Rajan, the former governor of the Reserve Bank of India, and Kenneth Montgomery, the former president of the Federal Reserve Bank of Boston, to the RLUSD advisory board.
Ahead of the launch of RLUSD, Ripple CTO David Schwartz warned of price volatility due to high demand for RLUSD. On the 16th, Schwartz posted on his X account that "there are people willing to pay $1,200 per coin for some of the initially distributed RLUSD", and said "there will certainly be price fluctuations before and after the launch, but RLUSD will quickly regain its original price due to its nature as a stablecoin".
Schwartz emphasized at the end, "Don't create 'FOMO (fear of missing out)' for stablecoins" and "It should not be used as an opportunity to get rich".
Reporter Kwon Seung-won ksw@blockstreet.co.kr
