News Scrap

Raghuram Rajan surprised the whole Indian crypto space by joining the San Francisco headquartered blockchain firm Ripple.

Raghuram Rajan is the former governor of the Reserve Bank of India (RBI). During his tenure, Rajan many times talked about Cryptocurrencies & called for the development of a strict regulatory framework. At the time, he also warned people many times to remain away from Cryptocurrency investment because of its highly volatile nature, but simultaneously, he praised Blockchain technology & admitted that it will evolve with time as a part of the payment system.

On 16 Dec 2024, A press release (PR) by the San Francisco headquartered blockchain firm Ripple confirmed that Raghuram Rajan will join Ripple’s stablecoin $RLUSD advisory board to provide his strategic guidance on regulatory, financial, and operational aspects to support RLUSD’s stability and growth.

Rajan will work with other experts, like former US FDIC Chair Sheila Bair, Vice Chairman of Partners Capital and former CENTRE Consortium CEO David Puth, and Ripple co-founder and chairman Chris Larsen.

This news was shared by the Ripple team, just a day before the launch of Ripple stablecoin $RLUSD.

In this initial phase of the launch, this stablecoin will be supported on 5 crypto platforms, namely MoonPay, UpHold, CoinMena, BitSo, and Archax.

Ripple team has been continuously working for other partners, to make its stablecoin available on the majority of the crypto platforms, including on the crypto exchanges.

In this crypto space, every retail crypto trader is ready to adopt the $RLUSD stablecoin, so it is very important for this stablecoin to show a presence on almost every platform & multiple crypto networks.
Ripple executives confirmed that they’re focussed on increasing the use of this new stablecoin among the institutions to allow a big amount of funds flow.

$XRP price action

Ripple stablecoin will be available on multiple networks, which is a necessary thing for any stablecoin, but currently, this is available on the XRP Ledger (XRPL) Blockchain network, at which $XRP is the native Cryptocurrency.

We can say that the $XRP coin will benefit from this stablecoin adoption & popularity.

The current trade price of $XRP coin is $2.47 & this price level is 12.5% high over the last 7 days period.