- Ripple announced the launch of the dollar-pegged stablecoin RLUSD, expressing optimism that it will enhance the usability of Ripple.
- With the launch of RLUSD, Ripple is expected to increase scarcity through supply adjustment, leading to a potential price rise.
- The nomination of pro-cryptocurrency Paul Atkins as SEC chairman supports the bullish outlook for altcoins like Ripple.
STAT AI Notice
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
Cryptocurrency A to Z
Launch of Proprietary Stablecoin
Ripple Used for Remittance Fees
Expected Supply Adjustment Effect
Image = Ripple Labs
Ripple, which has recently attracted attention due to its surge, has officially launched its own stablecoin, Ripple USD (RLUSD). The market is optimistic that RLUSD will enhance the usability of Ripple.
According to industry sources on the 22nd, Ripple officially launched the dollar-pegged stablecoin RLUSD on the 17th. Ripple explained that RLUSD is backed by dollars, U.S. Treasury bonds, and cash equivalents, ensuring stability, reliability, and liquidity. RLUSD can be used on the Ripple Ledger, a decentralized blockchain network associated with Ripple, and on the Ethereum blockchain. Currently, RLUSD is listed and traded on global cryptocurrency exchanges such as Bitso.
Following the news of Ripple's launch of its proprietary stablecoin, Ripple surged in the short term. According to Upbit, a domestic cryptocurrency exchange, Ripple, which had risen nearly fivefold since the U.S. presidential election, is trading at around 3,440 KRW, having given back some of its gains. On the 17th, Ripple recorded an intraday surge of 12% to 3,945 KRW following the RLUSD launch news. On the same day, Ripple's trading volume also surged by 80% compared to the previous day, reaching 18 billion dollars (approximately 26.1 trillion KRW).
There is analysis that RLUSD will increase the usability of the cryptocurrency Ripple. Adam O'Neill, Chief Marketing Officer (CMO) of Bitrue exchange, predicted, "In RLUSD remittance transactions, Ripple is paid as a fee and burned in the network by that amount," adding, "This could lead to a rise in Ripple's price as its supply decreases and scarcity increases."
There is speculation that altcoins, including Ripple, will continue to be strong in the U.S. under the second Trump administration. This is because U.S. President-elect Donald Trump has nominated Paul Atkins, a former SEC commissioner with a pro-cryptocurrency stance, as the next chairman of the U.S. Securities and Exchange Commission (SEC).
Minseung Kang, Bloomingbit Reporter minriver@bloomingbit.io
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.PiCK News
US January Service PMI Final at 52.9, Exceeds Market Expectations
just now
US Job Market Starts Strong This Year... Will Fed's 'Cautious Rate Cut' Gain Momentum?
6 minutes ago
U.S. January ADP Nonfarm Employment at 183,000... Far Exceeds Wall Street Expectations
1 hours ago
Today, Major Exchanges See Inflow of 130 Billion USDC... "4 Times the Average Annual Daily Inflow"
3 hours ago
Bitcoin Mentioned Only Once... 'US Crypto Czar' Press Conference Leads to $100,000 Level Collapse
4 hours ago
Ranking News