The Ripple team officially announced a partnership with seven crypto trading platforms to ensure the availability of their $RLUSD stablecoin on all top crypto platforms.
Ripple, a San Francisco-headquartered blockchain firm, is widely recognized for its cryptocurrency-backed global payment services. Along with cross-border payment solutions, Ripple provides various blockchain and crypto-focused services, playing a crucial role in pushing the adoption of cryptocurrency and blockchain technology at a practical level.
On 15 Oct 2024, Ripple revealed its collaboration with prominent centralised crypto exchanges: Uphold, Bitstamp, Bitso, MoonPay, CoinMena, Bullish, and Independent Reserve. Following regulatory approval, Ripple’s stablecoin ($RLUSD) will be available on these platforms.
Although Ripple is new to the stablecoin business, it is expected to excel due to its long-standing expertise in cryptocurrency-backed payment services and its legal knowledge of cryptocurrencies.
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According to Ripple, each RLUSD token will be fully backed by U.S. dollars, U.S. government bonds, and cash equivalents, ensuring stability and security for users. Initially, RLUSD will be available on the XRP Ledger and Ethereum blockchains, with issuance under a New York Trust Company Charter.
XRP Price Action
Currently, the trade price of XRP—Ripple backed cryptocurrency running on the XRP Ledger (XRPL)—is $0.53, reflecting a 1% decline over the last 24 hours.
Despite a partial victory in its legal battle against the U.S. Securities and Exchange Commission (SEC), Ripple faces ongoing legal challenges as the SEC has filed an appeal to classify XRP as an unregistered security. These developments have negatively impacted XRP’s trade price.
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