Ripple, the company behind XRP, has recently launched its new stablecoin called RLUSD. This stablecoin is fully backed by US dollar deposits, US Treasury bonds, and cash equivalents, ensuring its stability and liquidity.

The launch of RLUSD has had a positive impact on the price of XRP, which has seen a significant increase in the past 24 hours, reaching $2.57, representing an increase of 7.2%.

RLUSD will be available on several exchange platforms starting December 17, including Uphold, Bitso, MoonPay, Archax, and CoinMENA, with plans to expand to other platforms in the future.

This move positions Ripple as a competitor in the stablecoin market, taking on major players such as Tether and PayPal. Furthermore, RLUSD is expected to play a crucial role in facilitating global payments and remittances, with plans to integrate it into Ripple’s digital payments protocol in early 2025.

Importantly, according to Ripple CTO David Schwartz, there could be a “supply shortage” of RLUSD in its first few days of launch, so he advises users not to rush into acquiring it.

In short, the launch of RLUSD represents a significant step for Ripple in its goal to expand its ecosystem and offer more efficient financial solutions globally.