XRP Price on the Move as Ripple Announces Stablecoin Launch on December 17th

Ripple’s long-awaited stablecoin will finally see the light of day tomorrow, the company announced a few minutes ago.

The statement also described several platforms where users will be able to purchase the new asset.

Although it has run into trouble with the U.S. securities watchdog, Ripple muddied the stablecoin waters earlier this year by outlining plans to enter the growing industry with its own alternative, called RLUSD .

After the country’s regulatory and political landscape changed last month, RLUSD was approved by the NYDFS, leaving speculation about the next launch date.

A few minutes ago, the company behind XRP and the next stablecoin announced that the latter will officially start trading tomorrow, December 17th.

From the launch date, the “enterprise-grade” asset, which is “built on trust, utility and compliance”, will be available on MoonPay, Bitso, CoinMENA and a few others.

The company further indicated that Ripple’s stablecoin advisory board had welcomed Raghuram Rajan (former RBI governor) as well as Kenneth Montgomery (former first vice president and chief operating officer of the Federal Reserve Boston), plus Chris Larsen, David Puth and Sheila Bair.

Why RLUSD?

✅ Fully backed by US dollar deposits, US government bonds and other cash equivalents with monthly third party audits
✅ Multi-chain support
✅ Built for cross-border payments, DeFi integration and bridge between fiat and crypto

RLUSD is a step into the future of…

— Ripple (@Ripple) December 16, 2024

The hype around the stablecoin has positively affected the price of XRP. The cross-border asset was trading below $2.38 before the announcement, but hit a multi-day high of $2.48 almost immediately after the release.

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