AI Summary
- Ripple’s USD-pegged stablecoin, RLUSD, has launched on multiple global exchanges within the past 24 hours.
- Additional listings are due in the near future alongside further use cases where RLUSD will benefit XRP Ledger’s ecosystem and Ripple’s mission of cross-border payments. .
- According to sources, RLUSD on Moonpay reached a price of $1.50.
- A day before the token’s launch, some XRP Ledger wallets displayed an exchange rate of 509 XRP tokens for one RLUSD token. On Coingecko, the token fell to $0.96 before bouncing to $0.99 where it currently resides.
Ripple’s USD-pegged stablecoin, RLUSD, has launched on multiple global exchanges within the past 24 hours.
So far, Ripple’s flagship stablecoin can be traded on Uphold, Bitso, CoinMENA, Archax, and Moonpay, but not Coinbase or Binance where USDC presides.
Additional listings are due in the near future alongside further use cases where RLUSD will benefit XRP Ledger’s ecosystem and Ripple’s mission of cross-border payments.
The future for Ripple USD on XRP Ledger: Will RLUSD launch on Coinbase and Binance?
Ripple aims to utilize their stablecoin, RLUSD, to facilitate real-time payments, streamlined fiat to stablecoin on/off-ramps, and global cross-border payments.
As a financial industry-compliant stablecoin, Ripple has boasted a host of RLUSD features for businesses looking to use the stablecoin to gain access to new markets, cross-border settlements, and as a crypto-to-fiat ramp.
The token may also be used for peer-to-peer business payouts by using the XRP Ledger for settlements, including the Ethereum blockchain. According to Ripple, the token will be launching on Bitstamp, Flowdesk, ZeroHash, and more in the coming months.
There have been rumors and uncertainty on whether RLUSD will be launching on Coinbase or Binance due to Circle’s monopoly with USDC, another industry-compliant stablecoin.
On Coinbase, there is a RLUSD to USD converter on the website along with messages signaling that RLUSD may be available soon, but there have been no updates. Due to Europe’s new MiCA laws, Coinbase delisted 6 stablecoins this week (USDT, PYUSD, PAX, DAI, GUSD, GYEN).
Due to Coinbase’s stake in Circle and Circle’s new-found partnership with Binance, it may take some time for RLUSD to be listed alongside USDC on two of the biggest exchanges in the world. It remains uncertain whether Circle has influenced a competitive slowdown in RLUSD’s listing on major exchanges or not.
Ripple USD early days are rocky
Although RLUSD is meant to be pegged to the price of one dollar, the token experienced harsh fluctuations on launch, as warned by CTO David Schwartz days before the token’s launch.
According to sources, RLUSD on Moonpay reached a price of $1.50. A day before the token’s launch, some XRP Ledger wallets displayed an exchange rate of 509 XRP tokens for one RLUSD token.
On Coingecko, the token fell to $0.96 before bouncing to $0.99 where it currently resides. On December 15, Ripple CTO David Schwartz warned traders that supply shortages would make the stablecoin volatile in its early days.
From David Schwartz on Twitter:
“As RLUSD goes live, there may be supply shortages in the very early days before the market stabilizes.
But rest assured, the price will come back to very close to $1 as soon as supply stabilizes. If it doesn’t, something is very seriously wrong.
The whole point of a stablecoin is to have a stable price. Short-term changes in prices due to shortages of supply or demand are certainly possible, especially around launch”
