Ripple’s most highly anticipated stablecoin, RLUSD, is causing a huge buzz in the crypto space ahead of its launch today. Bids for small quantities of RLUSD are going for as high as 836 XRP, approximately $2,123 on the on-chain marketplaces, ahead of its launch today. It seems this is how anxious folks can get to hold some pieces of Ripple’s newly issued fiat-backed token.
Currently, bids for RLUSD range from 500 XRP ($1,270) to 836 XRP ($2,068), which is way above the token’s intended $1 price. This might sound unusual, but it is not rare in the crypto world. Traders often pay a premium for the chance to be among the first to own a new token, driven by the excitement and the potential to make a profit.
This hype about RLUSD has even had a positive impact on Ripple’s native token, XRP, which is now trading around $2.54 after being up 5% over the last 24 hours. Ripple’s Chief Technology Officer, David Schwartz, was quick to reassure that the price of RLUSD will settle back to $1 once the market adjusts.
He pointed out that this is pretty typical for early swings in a crypto launch as traders try to take advantage of price gaps before things level off. One Twitter user also added to David’s statement, “The question is not how many dollars 1 RLUSD will be worth, but how many RLUSD 1 XRP will be worth.”
RLUSD is launched officially today on the XRP Ledger, and it will also be available on platforms such as Uphold, Bitso, MoonPay, Archax, and CoinMENA. Ripple plans to list RLUSD on other exchanges like Bitstamp and Bullish shortly.
Ripple’s foray into the expanding $203 billion stablecoin market pits RLUSD against established players such as Tether’s USDT and Circle’s USDC. This new stablecoin is intended to work in tandem with Ripple’s cross-border payment solutions, offering a faster and more efficient way for businesses to conduct international transactions.
According to CEO Brad Garlinghouse, RLUSD will focus mainly on institutional users, making it a significant player in global finance.
The Stablecoin market is growing exponentially. The country of Singapore alone saw stablecoin payments break the $1 billion barrier this year, and such a pattern is expected to emerge globally. Ripple, through its offering, RLUSD, believes that it can cash in on this trend and allow businesses to make cross-border payments in a stable, secure way.
Also Read: Will RLUSD Launch help XRP break above $3? XRP Price Analysis
