San Francisco-headquartered company Ripple is inching closer toward the launch of its own stablecoin called Ripple USD (RLUSD) by debuting a separate website page for the much-hyped project.
Ripple has pitched the stablecoin project as a tool for instant cross-border money transfers and payment services.
As reported by U.Today, Ripple initially unveiled its dollar-pegged stablecoin in April, positioning it as a project with an emphasis on regulatory compliance.
The name of the much-anticipated stablecoin was finally unveiled by Ripple at the XRP Ledger Community Summit that took place in Amsterdam in June.
In May, Ripple President Monica Long predicted that the stablecoin project was likely to debut in 2024.
The stablecoin will be initially issued on XRP Ledger and Ethereum. However, the company hinted that other chains might also be supported in the future.
Alex DovbnyaAccording to Vet, the operator of the XRP Ledger dUNL, Solana would be a "no-brainer" for Ripple when it comes to issuing its own stablecoin. "Cardano struggles with good stablecoins as well and Circle refused to issue there so far," he noted in a social media post.
Ripple's stablecoin will have to compete with giants of the likes of Tether's USDT and Circle's USDC in a crowded stablecoin market. According to CoinGecko data, the market cap of Tether's flagship stablecoin stands at $114 billion, which makes it the third-biggest cryptocurrency.
As reported by U.Today, Garlinghouse also recently took aim at leading stablecoin.
After facing some pushback from Ardoino, Garlinghouse backed down from confrontation, claiming that he did not intend to attack Tether.
U.Today Editorial Team
Vladislav Sopov
Dan Burgin