The post Ripple’s RLUSD Stablecoin Sees 2,000% Growth, Eyeing Strong Market Position appeared first on Coinpedia Fintech News
Ripple continues to make headlines, strengthening its position as a leader in the cryptocurrency space. Known for its innovative solutions and strong financial backing, the company is now making waves with its stablecoin, RLUSD. As the crypto industry is waiting for a fresh change after Trump’s win, Ripple’s efforts to expand its offerings and ensure transparency are setting new benchmarks.
Ripple Mints Millions of RLUSD
Ripple recently minted 1.79 million RLUSD on the Ethereum blockchain, as revealed by the Ripple Stablecoin Tracker. This is part of Ripple’s broader strategy to establish a foothold in the stablecoin market. Earlier, Ripple announced that RLUSD would operate on both the Ethereum blockchain and the XRP Ledger, ensuring versatility and accessibility for users.
In the past 24 hours alone, approximately 6.7 million RLUSD were transferred across various platforms. Bitstamp, a major cryptocurrency exchange, moved 1.5 million RLUSD, while Ripple handled 500,000. The rest were transferred by unidentified whales to unknown wallets, signaling a growing interest in RLUSD’s utility.
Notably, RLUSD has surged 2,000% in trading volume, reaching $611 million despite a modest $53 million market cap. This rapid growth makes RLUSD the fourth most-traded stablecoin. RLUSD was recently listed on several exchanges like Uphold, MoonPay, and Bitso.
Backing RLUSD with Transparency
Ripple has issued nearly $80 million worth of RLUSD, backed by reserves of approximately $83 million. To build trust and ensure transparency, Ripple plans to release its first attestation report later this month. This report, verified by independent auditors, will detail the composition of RLUSD’s backing assets, showcasing Ripple’s commitment to accountability in the stablecoin market.
Ripple’s Financial Strength
Beyond stablecoins, Ripple’s CEO brad garlinghouse 
brad garlinghouse
Brad Garlinghouse is the CEO of the financial technology company Ripple Labs, he is an extremely popular name across the global crypto landscape. He has previously served as the CEO of Hightail, a file-sharing service, and is also an active angel investor. He joined Ripple as COO in April 2015, answering to the CEO and prime supporter, Chris Larsen. He was elevated to CEO in December 2016. Initially, he worked at AOL and Yahoo! From 2003 to 2008, he filled in as Senior Vice President at Yahoo!, where he ran its Homepage, Flickr, Yahoo! Mail, and Yahoo! Courier divisions. While at Yahoo!, he wrote an inner update known as the "Peanut Butter Manifesto," requiring the organization to zero in on its core business instead of extending itself excessively far, much like peanut butter.
Details:
Organization: Ripple
Location: United States
Education: MBA from Harvard Business School and BA from The University of Kansas
Skills: Venture capital and Startups
Experience:
CEO at Ripplefrom from Jan 2017 – Present ·
President and COO at Ripple logo from Apr 2015 – Dec 2016
Board Member at Animoto from 2012 – Dec 2017
Tonic Health, an R1 company logo
Board Member at Tonic Health from 2011-2016
Board Member at Ancestry from 2013 – 2016
CEO at Hightail from May 2012 – Sep 2014
EntrepreneurInvestorChief Executive OfficerBoard Member
recently highlighted the company’s robust financial position. Ripple holds over $100 billion worth of XRP, significantly boosting its valuation. Despite rumors, Garlinghouse clarified that an IPO is not on the agenda, with Ripple’s focus firmly on innovation and long-term growth.
In the meanwhile, Ripple is entangled in a legal battle with an SEC case and rumors are there that Ripple may appeal on Jan 15, however, John Deaton said the SEC will not appeal again as it will be a major loss for the SEC. In such a scenario when there is no regulatory clarity Ripple’s decision to mint Stablecoins, can impact the XRP price. XRP is already struggling to surpass the $3 target.
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FAQs
RLUSD is a stablecoin minted by Ripple, backed by reserves on the Ethereum blockchain and XRP Ledger for versatile, secure transactions.
Ripple backs RLUSD with $83 million in reserves and plans to release an attestation report audited by independent firms for transparency.
Ripple’s stablecoin minting could influence XRP’s price, especially amid legal uncertainty and challenges like the SEC case, keeping XRP under $3.
