A new player enters the world of stablecoins: Ripple has revealed the name of its cryptocurrency still in the US dollar, namely RLUSD (Real USD or Ripple USD).
Presented during the XRP Ledger Apex, the move represents an important step for the company that is now entering a $150 billion sector dominated by Tether and USDC.
RLUSD will be a reserve stablecoin, meaning that for every RLUSD in circulation, there will be a US dollar held as a reserve. This guarantees the stability of the token's price, which should always be equal to 1 dollar.
Why is Ripple entering the stablecoin market?
The reasons are not clear but only speculative. The stablecoin market is already very crowded, but it represents a way to accumulate capital and generate profits. The funds raised can be reinvested in low-risk securities, generating consistent returns.
It will have to challenge and compete with two major competitors such as Tether and USDC that dominate the market.
At the moment there is no significant price movement reported for XRP (Ripple) which has already seen a decline of about 8% in the last full year, unlike many other altcoins that have recorded much more interesting values.
If you liked the article, subscribe and leave a like to not miss the next updates
Here below some links if you'd like to support me:
Open your BBVA account and card at €0 forever and get €10, 4% cashback on purchases and 4% interest on deposited funds. Use my code:
Apri il conto e carta BBVA a 0€ per sempre e ottieni 10€, 4% di cashback sugli acquisti e 4% di interessi sui fondi depositati. Usa il mio codice:
https://www.bbva.it/general/apri-il-conto.html
77660060118763
Sign up to Nexo and get $5 in Bitcoin,16% APY on your stablecoins and 2% cashback on Nexo Card by depositing and holding at least $100 for 90 days
https://nexo.com/ref/j6atsfddtw?src=android-link
Freecash (earn 20/100$ each month without cash investment)
