Important Update on Ripple’s Stablecoin: Details

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Important Update on ripple‘s Stablecoin: Details


TL;DR

• Ripple plans to launch a stablecoin on XRP Ledger and Ethereum later this year, aiming to bridge the gap between traditional finance and the cryptocurrency industry.
• The United States Securities and Exchange Commission (SEC) labeled the product an “unregistered cryptoasset” and continued its long-running legal battle with the company.

Here is the latest information


Ripple made headlines earlier this year when it announced that it would launch a stablecoin pegged to the US dollar. CEO Brad Garlinghouse claimed that the monetary product could: It acts as a bridge between traditional finance and cryptocurrency industry.

In a recent post on X, the team clarified More details report that the stablecoin will be called Ripple USD (ticker RLUSD). XRP will be available on Ledger and Ethereum and will see the light of day later this year.

Some crypto enthusiasts, including X user Alex Cobb, have previously suggested He said the upcoming product could become a major factor triggering a potential price increase for Ripple’s native token, XRP.

Although it has not been published yet, RLUSD has already become a topic of discussion. A little as expectedThe criticism came from the U.S. Securities and Exchange Commission (SEC). labeled “is an unregistered crypto asset.”

The agency has been confronting Ripple for years. He filed a lawsuit in December 2020 accusing the firm and some of its executives of illegally raising more than $1.3 billion by selling XRP in an unregistered securities offering.

case It reached the trial phase in April this year and experienced many developments in the following months. Some may view the SEC as the underdog since Ripple scored three partial court victories in 2023. In conclusion There was a significant price increase for XRP. For those who want to learn more about the case and its possible impact on cryptocurrency, feel free to check out our exclusive video below:


What else is on Ripple’s agenda?


Launch of RLUSD not the only thing The company plans to focus on the next three years. CEO Garlinghouse earlier this year stated expanding globally Other priorities remain:

“Although the US market has been slow in adoption, partly from a regulatory perspective, we will continue to expand. Non-US market is really really It’s strong for us.”

The boss also outlined Ripple’s ambition to dominate the future financial infrastructure and highlighted the potential role of XRP in the monetary system:

“We think this opportunity is huge, we think This will be great for Ripple, we think it will be great for XRP too For this reason Inside A lot A lot optimistic about this. I Only “I think the United States needs to figure this out.”

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