Ripple launches new stablecoin RLUSD as alternative to Tether and USDC, challenging industry giants

From Investing.com.

October 15, 2024 08:11 AM:

Crypto firm Ripple has launched a stablecoin pegged to the U.S. dollar, aiming to disrupt a market dominated by the top two players, Tether and USD Coin (USDC). The new stablecoin, RLUSD, will be available on various platforms globally, providing a stable value for payments and conversions.

RLUSD is backed 100% by U.S. dollar deposits, government bonds, and cash equivalents, ensuring a constant value for users. Ripple has appointed Sheila Bair, former chair of the FDIC, to the advisory board of RLUSD, alongside Ripple co-founder Chris Larsen and David Puth, former CEO of CENTRE Consortium.

Stablecoins like RLUSD offer stability for transactions and conversions, shielded from the price volatility of cryptocurrencies like bitcoin and ether. The move by Ripple into the stablecoin market could shake up the dominance of Tether and USDC, offering users an alternative backed by solid assets and expertise in the industry.

Read more at Investing.com: Ripple challenges industry giants with new stablecoin By Reuters