Ripple has just rolled out its new stablecoin, RLUSD, pegged to the U.S. dollar and backed by a mix of dollar bills, government bonds and cash equivalents. It’s set up for both the Ethereum blockchain and the XRP Ledger, making it a player across ecosystems.
At launch, you’ll find it on Uphold, Bitso, MoonPay, Archax, and CoinMENA. A shoutout to CoinMENA for being the first MENA exchange on the list!
CoinMENA: The Evolution of RLUSD in MENA
CoinMENA is all in. CEO Talal Tabbaa highlighted how they are giving users access to a stablecoin from an elite crypto company. Ripple's track record with both finance and crypto firms should make RLUSD a contender in the stablecoin category.
A Closer Look at Dual-Chain Issuance and Liquidity
Entering a ring heavy with known players like Tether ($140 billion market cap) and Circle’s $42 billion USD Coin, it’s hard for a new guy to make a mark. But, Ripple is trying to carve its space with dual-chain strategy. It will be available on both Ethereum and XRP Ledger. Plus, it’s got the promise of third-party attestations of its reserves. Aiming to build trust and be a true alternative in a crowded market.
Comparing RLUSD to Other Stablecoins
When it comes to backing and transparency, both RLUSD and USDC offer the same debt-free support. They both have audits too, but RLUSD’s are more open, available monthly. Transparency is a strong point for both.
Then, there’s liquidity. The dual-chain thing really could give RLUSD more access to crypto liquidity compared to USDC.
USDC is not without its strengths, boasting a global banking and liquidity network and doing just fine.
In terms of market adoption, USDC’s already got a big lead, especially in places like Asia, Latin America, and Africa. RLUSD is just starting out, so it’s still looking for its footing.
Regulatory Terrain: A Different Challenge
The MENA region is accustomed to its own laws and regulations per country. That can be a headache for anyone looking to do business in multiple countries as Ripple is.
It's a far cry from the straightforwardness of New York's approval for RLUSD.
USDC, meanwhile, has already proven itself as a player outside the U.S. without the backlash from recent regulations in Europe.
Summary: RLUSD's Road Ahead
RLUSD's entry through dual-chain issuance makes it easy to access. With CoinMENA on its side, it’ll help us get to know this stablecoin. It’s aiming for a strong place in the market as it finds its footing and competes with names like USDC.
