Ripple aims to compete against giants of the stablecoin industry, such as Tether.
The price of XRP (Ripple’s volatile cryptocurrency) is in a marked uptrend.
Ripple, the issuing company of the XRP cryptocurrency, is close to obtaining approval from the New York Department of Financial Services (NYDFS) to launch its new stablecoin, RLUSDas reported FOX Business based on “sources close to the matter.”
This move would position Ripple as a major competitor in the regulated US cryptocurrency market.
Approval could occur in “the next few days” and, as reportedRipple plans to launch the stablecoin on December 4.
RLUSD would allow the Ripple company to offer its users a less volatile alternative to XRP. As CriptoNoticias has reported, this new stablecoin would work on both Ethereum and the XRP Ledger network.
In this way, Ripple enters the highly competitive stablecoin marketled by Tether, with its digital dollar USDT. Other major companies in this industry are Circle (issuer of USDC) and Paxos (issuer of USDP).
At the time of this publication, the stablecoin market is at historical capitalization highs. On the whole, All stablecoins total close to $190 billion.
Meanwhile, the price of XRP has a marked bullish direction as can be seen in the following graph:
XRP appears to be heading towards the $2 level where it could encounter some resistance. In its rise, it has surpassed the market capitalization of BNB hours ago, thus positioning itself as the fifth most valuable cryptocurrency in the world.