This Leading Crypto Exchange Adopts Ripple’s Stablecoin: Details

TL;DR

Since its launch, RLUSD has been adopted by many leading cryptocurrency exchanges and some of which highlighted its use cases. The latest to jump on the bandwagon is Bitstamp, based in Europe. Next to join the pack

Ripple’s RLUSD stablecoin officially saw the light of day in mid-December last year. After launch, several cryptocurrency exchanges adopted the product, including Uphold, Bitso, Moonpay, CoinMENA and others.

Earlier this week, Ripple president Monica Long said that people should expect other leading platforms to jump on the bandwagon “imminent.” Shortly after, Luxembourg-based Bitstamp put its name on the list.

He added RLUSD to the Ethereum network, describing the stablecoin as “a robust solution designed for institutional-grade financial use cases.” He also recalled that the product is pegged 1:1 to the US dollar, stating that it “offers consistent value for payments, tokenization and more.”

The exact trading pairs available to Bitstamp users are RLUSD/EUR, RLUSD/USD, RLUSD/USDT, RLUSD/BTC, RLUSD/ETH and RLUSD/XRP.

It’s important to note that the company warned people to be careful when dealing with the stablecoin, as “it is a high-risk investment and may not be suitable for all investors.”

“Don’t invest unless you’re willing to lose all the money you invest,” he added.

Initial volatility

As mentioned above, RLUSD is designed to maintain a 1:1 link to the greenback. However, during its first few weeks of existence, its price fluctuated substantially between $0.96 and $1.06 (according to CoinGecko data).

Just a day before its official launch, Ripple CTO David Schwartz warned of possible enhanced volatility caused by speculative behavior or people willing to acquire the first fraction of RLUSD on decentralized exchanges at abnormally high prices.

The executive added that RLUSD should settle around $1, saying that if that’s not the case, “something is very wrong.” He also advised people not to FOMO into the stablecoin as it is “not a get rich opportunity”.

As seen in its price chart, RLUSD outperformed the volatility, trading around $1 since December 27th.

Price RLUSD, Source: CoinGecko

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