"Ripple Stablecoin RLUSD, XRP can be used as collateral...Supply reduction effect"
Minseung Kang
- It was reported that Ripple's stablecoin RLUSD can be used as collateral for XRP.
- It was stated that XRP could be utilized as initial collateral for RLUSD, pending approval from U.S. regulatory authorities.
- As a result, while maintaining the circulating supply of XRP, the total supply could be reduced.
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There is a prospect that Ripple (XRP)'s stablecoin RLUSD can be used as collateral for XRP.
On the 2nd, virtual asset (cryptocurrency) media outlet The Crypto Basic reported, "Ripple's stablecoin RLUSD is awaiting approval from U.S. regulatory authorities and can potentially use XRP as collateral."
Virtual asset analyst Louis Delgado also mentioned on this day through his X (formerly Twitter), "Ripple will establish the initial collateral for RLUSD through XRP escrow distribution," adding, "If this is true, more liquidity could flow into Ripple Ledger. This would have the effect of reducing the total supply while maintaining the circulating supply of XRP."
The media added, "Using XRP as collateral for stablecoin can strengthen the coin's deflationary pressure."
Previously, on the 1st, Fox Business News reported through an unnamed source that the New York Department of Financial Services (NYDFS) is expected to soon approve Ripple's stablecoin RLUSD.
Minseung Kang
minriver@bloomingbit.ioBloomingbit reporterPiCK News
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