Ripple Launches RLUSD Stablecoin Pegged to Dollar

Ripple has officially launched its new dollar-pegged stablecoin, RLUSD, aiming to disrupt a market dominated by Tether and USD Coin, which control nearly 90% of the total stablecoin value. The stablecoin is designed to operate under a highly regulated framework, backed by U.S. dollar deposits, government bonds, and cash equivalents, ensuring transparency and reliability. Ripple's initiative follows a successful legal battle against the U.S. Securities and Exchange Commission, adding credibility to its financial products. The RLUSD will be available on multiple crypto exchanges, including Uphold and Bitstamp, with Sheila Bair, former FDIC chair, joining its advisory board. Despite the positive outlook, Ripple faces significant challenges in penetrating the competitive stablecoin market. Erica Khalili of Lead Bank emphasized that banks entering the cryptocurrency sector must invest heavily and collaborate with regulators to navigate evolving compliance landscapes.