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Ripple’s RLUSD stablecoin has been featured on Cryptoquant. This shows its distribution.
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The total RLUSD supply is $47.4 Million, with $34.8 Million on XRPL.
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The RLUSD will be launched in Q4 of 2024 with the support of major exchange partnerships.
Cryptoquant, an analytics platform, now has a portal that shows the distribution of Ripple’s stablecoin RLUSD. Ripple launched RLUSD as a private beta a couple of months ago to prepare for a successful launch on the mainnet.
During the testing phase, developers have minted RLUSD tokens on the XRP Ledger(XRPL) blockchain and the Ethereum Blockchain, with a supply totaling $47,4 million.
Cryptoquant’s breakdown reveals that the majority of RLUSD supply, $34.8 millions, is issued via XRPL while $12.6 is available on Ethereum. This distribution is a strategic way to leverage the strengths of both blockchains for optimal transaction efficiency.
Financial Services to be Transformed by RLUSD
Ripple wants to disrupt the traditional remittance industry, which is notorious for its slow and expensive services. It uses blockchain technology to offer settlements that are almost instantaneous and fees that are significantly lower. For several years, the company has relied on its XRP digital coin for this purpose. It is now incorporating the RLUSD to complement XRP in its payment process.
Ripple plans to launch RLUSD in the fourth quarter of 2024. Brad Garlinghouse explained in an X post that Ripple CEO Brad Garlinghouse has been working on the stablecoin for nearly a year and that it is nearing completion.
Garlinghouse said that RLUSD is “positioned to become the gold-standard for enterprise-grade stablecoins” because of its commitment to trust, compliance, and liquidity.
Many view the introduction of RLUSD to be a strategic move by Ripple to strengthen its market position. The stablecoin could provide solutions for cross-border payment, as well as for on-ramps/off-ramps for cryptocurrency exchanges, DeFi and real-world assets (RWA).
Ripple announced that RLUSD will be distributed via partnering platforms, including Uphold, Bitstamp Bitso, MoonPay Independent Reserve CoinMENA and Bullish.
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