Cardano Founder Commends Ripple as RLUSD Goes Live

Highlights
- Charles Hoskinson has hailed the launch of RLUSD and Ripple
- There are speculations on possible RLUSD launch on Cardano
- This projection is possible amid improving relationships between Cardano and XRP communities
Cardano Founder Charles Hoskinson has broken the silence on the newly launched RLUSD stablecoin from blockchain payments firm Ripple Labs Inc. Responding directly to the post update from Ripple Labs’ official X account, Charles Hoskinson typed, “Well done, Ripple!”
Charles Hoskinson Welcomes Competition
The broader crypto industry has about 195 stablecoins backed by the US Dollar or any other reserve. Tether (USDT) and Circle (USDC) control over 85% of the total stablecoin market cap, valued at over $212 billion. Despite this duopoly scare, firms like Ripple Labs have continued to push to break USDT and RLUSD dominance.
The recognition of the RLUSD launch on mainnet by the Cardano Founder is his way of backing the growth of competition in the industry. While it remains unclear how fast RLUSD will start competing with its top rivals, the broad industry support places it up for a good start.
Well done, Ripple! https://t.co/K3KHh27aHC
— Charles Hoskinson (@IOHK_Charles) December 17, 2024
Meanwhile, the newly launched RLUSD went live on a number of global exchanges including Uphold, Bitso, MoonPay, Archax, and CoinMENA. Per data from XPMarket, the RLUSD stablecoin started trading at $1.11, losing its peg to the US Dollar. However, as of writing, the stablecoin’s price has settled at the $1 mark.
Ripple Labs launched the stablecoin with a fully diluted volume of $13.3 million with a $1.3 million market cap. Per the blockchain payments firm, the token’s supply will increase over time as the market volatility stabilizes. As of writing, the XPMarket data shows there are 1,000 holders of the stablecoin.
Will RLUSD Launch on the Cardano Network
For months, Ripple Labs conducted beta testing for the RLUSD stablecoin on both the XRP Ledger (XRPL) and the Ethereum network. While it remains unclear the timeline to extend the token beyond these two networks, there are indications that an expansion to Cardano is possible.
Despite the earlier strained relationship between the Cardano founder and the XRP community in the past, Charles Hoskinson’s relationship with the ecosystem is improving. As reported earlier by Coingape, Hoskinson and Ripple CTO David Schwartz discussed Midnight Network and XRP in November.
While it remains unclear what this might mean for the future of both chains, it signals potential readiness to work together.
- CleanCore’s Dogecoin Treasury Pays Off Big With $20M Gains as Holdings Near 1B DOGE
- Crypto Market Crash: $700M Liquidated in Bitcoin, ETH, XRP, SOL, DOGE, XPL
- GraniteShares 3x XRP ETF Can Trigger ‘Panic Buying XRP’ Says Expert
- TRUMP Token Gets Major Boost as Issuer Launches $200 Million Treasury Plan
- Gold Vs Bitcoin – Peter Schiff Predicts BTC Will Be ‘Rugged by Gold’
- ASTER vs HYPE Price Analysis – Which Perp DEX Token Looks Poised to Dominate Q4 Performance?
- Ethereum Price Could Soar to $6,500 as BlackRock’s ETF Nears $20B Milestone
- Cardano Price Consolidates Below Key Resistance Ahead of ETF Verdict — Is a 50% Rally in Sight?
- Solana Price Eyes 56% Rebound Amid Solana Company’s Massive $530M SOL Acquisition
- Ethereum’s Price Bullish Cycle Resumes as Grayscale Launches Spot Staking ETPs – Is $7,331 Next?
- Pi Network Price Risky Pattern Points to Crash as 14M Coins Leave OKX