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Ripple USD news

Ripple USD Gains Early Customer Commitments Ahead Of Launch

Jake Simmons
by Jake Simmons
10 months ago
·
Posted in Ripple
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ripple President Monica Long has revealed that the company’s upcoming US dollar stablecoin, Ripple USD (RLUSD), has already secured early customer commitments prior to its official launch. Speaking at the Singapore Fintech Festival, Long emphasized that stablecoins are set to become a “massive trend” in the payments industry.

Ripple Is Waiting For Regulatory Approval

In an interview with CNBC’s Tanvir Gill, Long discussed the burgeoning market for stablecoins and their projected growth. “Stablecoins generally are about $170 billion in terms of market cap today, but that’s projected to be north of $3 trillion in just a few years because there’s going to be more demand drivers like payments,” she said. “We talk about Ripple, and we process more than $70 billion through assets, so this use case is going to be a massive trend.”

Long highlighted the increasing interest from major payment players in adopting stablecoins for transactions. She cited Stripe’s recent acquisition of Bridge as an example of traditional financial institutions leaning into the stablecoin space. “That’s a major payment player that’s leaning into using stablecoins for payments,” she noted.

Related Reading: Ripple Rumored To Consider Dirham-Backed Stablecoin In UAE

When asked about competition with existing stablecoins, Long expressed optimism about market expansion rather than direct rivalry. “I expect the market to really expand,” she stated. “From our perspective, we have the use case; we have customers who already want to use stablecoins in payments, so we think that we can be a great provider.”

Regarding the launch of RLUSD, Long emphasized the importance of regulatory approval. “The Ripple US dollar [stablecoin is] not yet launched; we’re operationally ready, but really important to us is having approval from the regulators,” she explained. “The New York Department of Financial Services is reviewing our trust application.”

Related Reading: Will Trump’s SEC Close The Ripple Case? Coinbase CLO Speaks Out

Long also addressed the potential for other fiat-backed stablecoins to gain prominence. “Since more stablecoins are pegged to the US dollar and most transactions of stablecoins happen in the US dollar, do you think that dollarization could be the way forward?” Gill asked. Long responded, “I believe so, and it comes back to use cases like payments where you think about traditional use cases and there’s real need for foreign exchange there. I do think that we’ll see new forms of fiat currency turned into stablecoins.”

She noted regional preferences in the adoption of stablecoins, particularly in Latin America. “There’s certain markets, like for example we see in Latin America, where there is a preference for a US dollar stablecoin, but I do think that the world will open up to more types of stablecoins,” Long said.

Following the event, Long took to X (formerly Twitter) to reiterate the industry’s focus on stablecoins: “Back from a fantastic week at Singapore Fintech Festival—on and off stage, everyone was talking about stablecoins. I spoke with Tanvir Gill on CNBC on the growing demand (ex: LATAM wants USD-based stablecoins, but EUR and SGD could very well solidify their own place in the market), and how Ripple USD (RLUSD) already has customers ready to use it once it’s publicly launched.”

At press time, XRP traded at $0.60.

XRP price
XRP price remains below the 0.236 Fib, 1-week chart | Source: XRPUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Jake Simmons

Jake Simmons

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

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