- Ripple has announced that its new RLUSD stablecoin will launch today, December 17
- The company has appointed former central bankers to its advisory board for strategic guidance
- Ripple hopes that the launch will strengthen its position in the stablecoin market
Ripple has confirmed it will release its new RLUSD stablecoin today, December 17, with the first haul of coins attracting bids of over $2,000. Onchain marketplaces have already listed RLUSD ahead of its Tuesday release, resulting in bidders offering over 800 XRP in order to capture the coins the moment they come online for trading. To support its rollout, Ripple has added former central bank executives to its advisory board, reflecting its commitment to regulatory compliance and market expertise.
They Like Big Bids and They Cannot Lie
Ripple CEO Brad Garlinghouse posted on X about the imminent launch, listing the exchanges where XRP Army soldiers can make their purchases:
An enterprise-grade stablecoin for everyone.
Ripple USD ($RLUSD) drops tomorrow on @UpholdInc, @MoonPay, @CoinMENA, @ArchaxEx and @Bitso, with @bullish, @mercadobitcoin, @ZeroHashX, @indepreserve, and @Bitstamp soon to follow. https://t.co/k3DrWO4PXA— Brad Garlinghouse (@bgarlinghouse) December 16, 2024
The fervour surrounding what is just a standard stablecoin is unprecedented, with Asian exchanges seeing bids of over $2,000 in XRP just to be the first to pick up the $1 coin. Ripple Labs CTO David Schwartz alluded to this in a Monday post:
There actually is someone willing to pay $1,200/RLUSD for a tiny fraction of one RLUSD. Tools will show you the highest price anyone is willing to pay, even if it’s just for a tiny bit. Maybe someone wants the “honor” of buying the first bit of RLUSD on the DEX.
Schwartz added, “rest assured, the price will come back to very close to $1 as soon as supply stabilizes. If it doesn’t, something is very seriously wrong.”
Garlinghouse Celebrates “Milestone”
In tandem with the RLUSD rollout, Ripple has welcomed former central banking officials to its advisory board, appointments which underscore Ripple’s commitment to navigating regulatory landscapes and promoting trust within the financial community. By bringing experienced figures to its leadership, the company hopes to mitigate concerns about stability and compliance as it introduces its first stablecoin.
Ripple CEO Brad Garlinghouse has emphasized the significance of the launch, calling it a “milestone”:
Our RLUSD stablecoin marks a milestone for Ripple as we continue to drive financial inclusion and innovation. With trusted leaders joining us, we are ensuring our operations align with evolving regulatory standards.
Ripple’s launch of a stablecoin marks a significant expansion of its services as it ventures into the stablecoin market, an arena dominated by Tether and Circle, and it will be fascinating to gauge the uptake of RLUSD once the launch dust settles.
