XRP Price on the Move as Ripple Announces Stablecoin Launch on Dec 17

Ripple’s long-awaited stablecoin will finally see the day of light tomorrow, the company announced minutes ago.

The statement also outlined several platforms where users will be able to purchase the new asset.

Although it has had its issues with the US securities watchdog, Ripple splashed the stablecoin waters earlier this year by outlining plans to enter the growing industry with its own alternative, dubbed RLUSD.

After the regulatory and political landscape in the country changed last month, RLUSD was approved by the NYDFS, leaving speculations about the upcoming launch date.

Minutes ago, the company behind XRP and the upcoming stablecoin announced that the latter will officially go live for trading tomorrow – December 17.

As of the launch date, the “enterprise-grade” asset, which is “built on trust, utility, and compliance,” will be available on MoonPay, Bitso, CoinMENA, and a few others.

The company further indicated that the Ripple stablecoin Advisory board had welcomed Raghuram Rajan (former RBI governor) as well as Kenneth Montgomery (former First VP and COO of Boston’s Federal Reserve) in addition to Chris Larsen, David Puth, and Sheila Bair.

Why RLUSD?

✅ Fully backed by US dollar deposits, US govt bonds and other cash equivalents with monthly third-party audits
✅ Multi-chain support
✅ Built for cross-border payments, DeFi integration, and bridging between fiat and crypto

RLUSD is a step toward the future of…

— Ripple (@Ripple) December 16, 2024

The hype around the stablecoin has positively impacted XRP’s price. The cross-border asset stood below $2.38 before the announcement but shot up to a multi-day peak of $2.48 almost immediately after it went live.