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GLXY -11.51% HOOD -6.63%
There’s a new stablecoin in the world of crypto. And it’s built by Ripple.
What’s happening:
- Ripple has officially launched their first ever stablecoin known as RLUSD
How it works:
- RLUSD is available on the XRP Ledger and the Ethereum blockchain and is backed by United States dollars and government bonds
- RLUSD will provide monthly updates on reserves and collateral in an effort to build complete transparency around its backing
Why it matters:
- Ripple has been relentlessly building blockchain technology for payments and integrations with the traditional banking system, which has led to more speculation that a spot XRP ETF might be one of the next digital asset ETFs to list on a major stock exchange in the United States of America
Going deeper:
- There has been a consistent push to build out new infrastructure and technology around stablecoins, including Paxos recently launching their Global Dollar Network in partnership with Galaxy Digital (TSX: GLXY) and Robinhood (NASDAQ: HOOD)
The intrigue:
- The applications for stablecoins have only gotten bigger of late, with stablecoin giant Tether notably leveraging their stablecoin technology for facilitating the purchase of oil for the first time ever
