Ripple Launches $1.3B RLUSD Stablecoin on Ethereum Layer 2s Through Wormhole in Multichain Initiative
Ripple's RLUSD Expansion: Ripple is expanding its U.S. dollar stablecoin, RLUSD, to Ethereum layer-2 blockchains such as Optimism and Base, utilizing Wormhole's token transfer standard for cross-chain movement.
Regulatory Approval: The rollout of RLUSD is currently in a testing phase and is pending regulatory approval from the New York Department of Financial Services (NYDFS) for a public launch expected next year.
Integration with DeFi: The expansion aims to enhance liquidity and support various decentralized finance (DeFi) use cases, allowing users to convert wrapped XRP (wXRP) to RLUSD seamlessly within DeFi applications.
Significance of Stablecoins: Stablecoins like RLUSD are becoming crucial in bridging traditional finance and the crypto economy, with Ripple positioning RLUSD as a compliant and efficient option in the growing $300 billion stablecoin market.
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