Key Insights
- Ripple is making the news again, with the incoming launch of its RLUSD stablecoin.
- The stablecoin market is already regarded as crowded, but Bernstein analysts expect it to grow tenfold by the next bull run.
- The RLUSD stablecoin has just been approved by the New York Department of Financial Services.
- This could help it to achieve listing on major global exchanges like Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish.
- Bitcoin has been impressive so far, but XRP has outshined the flagship cryptocurrency.
Ripple is in the news once again.
This time, the blockchain-finance company has introduced its new stablecoin called RLUSD.
This initiative is expected to shake up the stablecoin market as a while, and even boost the price of XRP over the next few months.
Here’s a closer look at how the RLUSD plans have been going so far, and what its launch might mean for XRP itself.
RLUSD Approved by New York Financial Authorities
According to a recent announcement from Ripple CEO Brad Garlinghouse, the RLUSD stablecoin has just been approved by the New York Department of Financial Services. This approval is a big deal for Ripple considering how it not only grants RLUSD access to the New York stock market, it also adds to Ripple’s credibility as a compliance-first company.
Garlinghouse shared this news on X, stating that the exact launch date for the RLUSD stablecoin remains uncertain.
However, it is expected to be listed on major global exchanges like Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish.
Can RLUSD Thrive In The Crowded Stablecoin Market?
The current stablecoin market is valued at over $200 billion, and is already considered crowded.
However, according to projections from Bernstein Research, this value is expected to grow to $2.8 trillion by 2028.
Stablecoins are favoured because of their low volatility and quick settlement times.
These factors make them perfect for international payments, as well as reserve assets in countries most prone to inflation.
Despite this growth, stablecoins like Circle’s USDC and Tether’s USDT hold most of the market share, with a combined 90% stake.
However, Ripple seems confident in RLUSD’s potential to outshine these big players and become the “gold standard for enterprise-grade stablecoins.”
According to insights from Toe Bautista, a crypto analyst at GSR, Ripple’s substantial financial reserves (including 80 billion XRP allocated since 2012) might help RLUSD to fulfill its promise and dominate the market with full backing.
Recent data from Ripple’s Stablecoin Tracker even shows that there is ongoing demand for RLUSD, which shows that the market has a strong appetite for stability.
XRP Could Outshine Bitcoin
XRP’s performance so far, has been impressive this year.
For example, the XRP/BTC pair has surged by over 350% since November of last year, especially after Donald Trump’s win.
This shows that while Bitcoin itself has been impressive in price action so far, XRp has outperformed it.
Moreover, a favorable resolution in the SEC versus Ripple lawsuit could open the door for XRP ETFs in the US, which analysts from JP Morgan believe could attract as much as $4 billion – $8 billion worth of capital inflows.
The odds of an XRP ETF approval this year have also been soaring on PolyMarket, with this RLUSD stablecoin and these financial products expected to boost liquidity within the XRP ecosystem.
