Ripple Labs CTO David Shwartz has once again weighed in on the company’s latest product, the RLUSD stablecoin that went live earlier this week. In a video message shared by the firm’s official X account, David Schwartz said the Ripple USD offers the right use cases that can benefit users and developers. The tech veteran confirmed that this stablecoin a credible asset designed to showcase the potentials of the XRP Ledger.
As Schwartz noted, the stablecoin drives both direct and indirect benefits within the XRPL ecosystem. One direct benefit is that it drives positive trading volume which natively uses XRP as a bridge asset. He noted that the unique features of the XRP is that it can support all kinds of assets to broaden the accessibility of the Decentralized Exchanges on XRPL.
The Ripple CTO said XRP and RLUSD will complement each other because of the unique differences between both assets. He said the blockchain payments firm will continue to use XRP as a bridge current in its proprietary product.
Ripple USD ($RLUSD) introduces a top-tier, fully-backed US dollar stablecoin to the XRP Ledger.@joelkatz shares how $RLUSD enhances functionality and opens new possibilities for developers on XRPL. pic.twitter.com/HXffCfqBYB
— Ripple (@Ripple) December 21, 2024
Schwartz highlighted the prospects of the Real World Assets (RWA) tokenization market. He said RWA will continue to grow and demand stablecoin, a ready niche that will see RLUSD dominate. With the XRP Ledger, with its speed and low cost, is poised to tap into this new system.
Ultimately, the tech veteran said the RLUSD stablecoin will continue to take advantage of this entire ecosystem setup.
The RLUSD stablecoin went live this week, marked by mild volatility on global exchanges like Uphold and Bitso. With a starting price around $1.15, the stablecoin quickly maintained its intended peg to the US Dollar at a 1:1.
Notably, the launch of the token forced a lot of intense XRP whale activities, most of which have normalized. Per data from XPMarkets, RLUSD currently have a total supply of 19.1 million with a market cap of $4.6 million.
A total of 6,600 traders now hold the stablecoin amid a fully diluted market cap of $19 million.
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