The Ripple USD (RLUSD) stablecoin issued by the Ripple blockchain technology company has officially launched, marking a new milestone in the decentralized finance (DeFi) ecosystem.
RLUSD will operate simultaneously on two networks: Ethereum and the Ripple XRP Ledger (XRPL). From the moment of its launch, all users have been able to interact directly with RLUSD.
In the initial phase, the price of RLUSD on decentralized exchanges has fluctuated significantly, with a difference of up to 20% at times, although this currency is pegged to the US dollar at a 1:1 ratio. However, according to data from XPMarket, the price of RLUSD has now stabilized around $1, in line with the initial design.
David Schwartz, Ripple's Chief Technology Officer, had previously warned about the potential for RLUSD supply shortages in the initial phase, leading to temporary price volatility. This has been demonstrated as RLUSD has experienced certain price fluctuations since its launch.
Notably, this event has also impacted the price of XRP, Ripple's native currency. At the time of writing, the price of XRP is up more than 10% and trading around $2.64 after quickly dropping to $2.61. The reason for the decline may be that users are converting XRP to RLUSD for testing or other purposes.
Going forward, RLUSD is expected to be listed on major exchanges like Bitstamp and Mercado Bitcoin. Additionally, services like MoonPay have started supporting the purchase of RLUSD through Apple Pay, expanding the accessibility of this stablecoin. Furthermore, several other on-ramp and off-ramp services are integrating RLUSD, making it easier for users to transact within the digital finance ecosystem.
The launch of RLUSD is not only a significant milestone for Ripple but also promises to drive the development of the stablecoin market and the DeFi ecosystem in general.
Disclaimer: This article is for informational purposes only and not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions.
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