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Ripple's RLUSD stablecoin has been listed on Singapore's Independent Reserve, marking a significant step in its expansion within the competitive stablecoin market. Backed 1:1 by U.S. dollar reserves, government bonds, and cash equivalents, RLUSD aims to address financial inclusion gaps and enhance liquidity through partnerships with global exchanges. The formation of a high-profile advisory board, including figures like Sheila Bair and Raghuram Rajan, underscores Ripple's commitment to regulatory compliance and innovation in the digital asset space.
India is advancing towards a comprehensive regulatory framework for cryptocurrencies, emphasizing innovation and investor protection, particularly during its G20 presidency. The government is committed to aligning regulations with international standards, as evidenced by the inclusion of Virtual Digital Assets under the Prevention of Money Laundering Act and the clarification on capital gains tax for crypto transactions. Former RBI Governor Raghuram Rajan's appointment to Ripple's advisory board reflects increasing institutional interest in the crypto sector, positioning India among the top five countries in global crypto transaction volume.
Ripple is set to launch its RLUSD stablecoin on December 17, backed by USD deposits and government bonds, aiming to enhance cross-border payments and DeFi integration. The New York Department of Financial Services has approved the stablecoin, which has already spurred a 12.47% increase in XRP's price to $2.67. With strategic partnerships and recent XRP ETF filings, Ripple is poised for significant growth and institutional interest in 2024.
Ripple has appointed Raghuram Rajan, former Governor of the Reserve Bank of India, to its RLUSD stablecoin advisory board, which also includes notable figures like Sheila Bair and David Puth. Rajan's expertise in central banking and financial regulation is expected to enhance the stablecoin's compliance and credibility in a rapidly evolving financial landscape. His insights, alongside those of other board members, aim to ensure RLUSD's sustainable growth and trustworthiness in digital payments.
Ripple is set to launch its stablecoin, RLUSD, today, having minted nearly $66 million in tokens, primarily on the Ethereum network. Fully backed by US dollar deposits and government bonds, RLUSD aims to facilitate cross-border payments and DeFi integration, entering a competitive market dominated by Tether and Circle. The stablecoin has received approval from the NYDFS and features a newly formed advisory board including notable financial figures.
Ripple is set to launch its RLUSD stablecoin on December 17, following approval from the New York Department of Financial Services. The announcement has already spurred an 8% surge in XRP's price, with trading volume increasing by nearly 72%. The stablecoin, fully backed by US dollar deposits and other cash equivalents, aims to enhance cross-border payment efficiency and will be available on platforms like Uphold and MoonPay, with plans for integration into Ripple's payment solutions next year.
Ripple has announced the launch of its USD-backed stablecoin, Ripple USD (RLUSD), set for December 17, 2024. The stablecoin will be available on various exchanges and is fully backed by US dollar deposits, government bonds, and cash equivalents. Following the announcement, XRP surged 8% to $2.56, making it the third-largest crypto asset by market cap at $146 billion.
Ripple's long-awaited stablecoin, RLUSD, is set to launch on December 17, following approval from the NYDFS. The asset will be available for trading on platforms like MoonPay, Bitso, and CoinMENA, and has already positively influenced XRP's price, rising from $2.38 to $2.48. The stablecoin's advisory board includes notable figures such as Raghuram Rajan and Kenneth Montgomery.
Ripple's new stablecoin, Ripple USD (RLUSD), will debut for global trading on December 17, following approval from the New York Department of Financial Services. Backed 1:1 by US dollar deposits and short-term government securities, RLUSD aims to enhance cross-border payments and integrate with decentralized finance protocols.Key appointments to its advisory board include former Reserve Bank of India governor Raghuram Rajan and former Federal Reserve Bank of Boston COO Kenneth Montgomery, who will guide the stablecoin's regulatory and operational strategies.
Raghuram Rajan, former Reserve Bank of India governor, cautioned that high public debt in the US and other nations poses risks as the world faces an increased likelihood of future pandemics. He emphasized the need to curb borrowing to prepare for potential emergencies, highlighting the steady rise in US debt as forecasted by the IMF.
Raghuram Rajan
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