Ripple President Monica Long has described the role of RLUSD in Ripple’s operation, noting the stablecoin would complement XRP.
With the Ripple-USD (RLUSD) operationally ready, Ripple’s President Monica Long has given an insight into what the payment firm aims to achieve with the stablecoin integration. Long noted in an appearance at The Scoop that RLUSD would complement XRP in its payment operations.
With #RLUSD operationally ready, Ripple President @MonicaLongSF recently joined @TheBlock__'s @fintechfrank to share the story behind Ripple USD and what it means for the future of digital payments: transparency, speed, and stability once launched. https://t.co/i0xgaersdo
— Ripple (@Ripple) November 14, 2024
RLUSD to Complement XRP
Long noted that the RLUSD is both addictive and complementary to the XRPL native token, emphasizing that the stablecoin would provide more transactional options for clients. She stated that RLUSD would best suit users looking to avoid the volatility in the crypto market and hold or trade tokenized USD on-chain.
The Ripple President also noted that RLUSD would attract developers. She insisted that RLUSD’s deployment on the XRPL Ledger would provide use cases for developers, especially in the decentralized finance (DeFi) space, allowing them to build applications with utility and scalability.
Meanwhile, Long stated that XRP would still play a vital role in the XRP Ledger. She noted that XRP works well in transactions that involve currencies with low liquidity, providing a fast and cost-effective transfer path for Ripple’s clients.
Notably, Long revealed that Ripple has settled transactions worth over $70 billion using blockchain technology. These figures explain the large XRP shuffle from Ripple periodically seen on-chain.
RLUSD Operationally Ready
Long noted that stability and regulatory clarity are vital components of a successful stablecoin, and Ripple intends to ensure both are in place. The President stated that it is due to these delicate stablecoin requirements that Ripple acquired Standard Custody to boost its RLUSD ploy.
Furthermore, Long disclosed Ripple will offer RLUSD through Standard Custody’s New York license. She insisted that New York’s Department of Financial Services ensure a 100% backed stablecoin issuance, providing Ripple with the needed regulatory transparency.
Notably, Long disclosed that RLUSD is operationally ready. However, the payment giant is still awaiting regulatory approval to launch the stablecoin.
The President noted that Ripple aims to tap the growing demand for stablecoin, especially from its Asian Pacific, European, and Australian clients. Ripple also intends to position RLUSD as a leading stablecoin in the sector, which is predicted to surge to a $3 trillion market cap in the next five years.
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