Ripple is preparing to launch Ripple Dollar (RLUSD) as a payment system

• Ripple prepares to launch the RLUSD, a stablecoin that will rival USDT or USDC as a means of instantaneous cross-border payment.
• It is launching its website to explain the functions of their company, despite being at risk for another SEC suit.

Ripple, the XRP-issuer RippleLabs, is getting closer to launching RippleUSD (RLUSD), which it announced earlier in this year. Ripple will compete with USDT from Tether and USDC by Circle.

RLUSD was first proposed by Brad Garlinghouse at Amsterdam’s XRP Ledger Community Summit. Although President Monica Long has announced a launch date, there was no formal announcement. eluded A launch is planned for 2024.

As the San Francisco-headquartered company moves closer to launch, it has launched a separate website Dedicated to the project of stablecoin. Ripple will leverage the XRP Ledger and blockchain technology to enable cross-border payments. The launch of this website has sparked enthusiasm in the XRP communities.

🚨 Please Read: #Ripple Labs launches the official website of its new stablecoin, RLUSD! 🌐💵 Launched on the #XRP Ledger, RLUSD aims at competing with #Tether The USD Coin. 🚀🚀🚀 pic.twitter.com/euWgVEhOql

— Collin Brown (@CollinBrownXRP) August 4, 2024

RLUSD is a stablecoin pegged to U.S. dollars. It will have a major impact on the crypto market, as it offers holders a quick and inexpensive cross-border option. Initial release of the stablecoin on XRP Ledger, and Ethereum will provide users with access to two different ecosystems.

As the ecosystem grows, legal experts warn that the launch RLUSD may attract a lawsuit. The launch of the Ripple website and the upcoming launch of RLUSD suggest Ripple’s optimism about a possible near-term victory in the Ripple v. SEC litigation.

Ripple’s legal team and many other experts believe that Ripple is going to win the XRP suit. Others warn, however, that the SEC might come after Ripple because it launched RLUSD. Fred Rispoli, a lawyer and XRP supporter who commented recently on the launch of the website, expressed the same sentiment. He said:

If the SEC is concerned about $RLUSD, it should file a separate lawsuit. It cannot bootstrap an ongoing case!

According to the SEC, it is likely that Donald Trump will win the elections in November. Trump promised to fire SEC chairman Gary Gensler. This is an attempt to promote crypto-friendly regulation, and possibly end the Ripple lawsuit. Changes in the administration can further undermine any possible case regarding a new stablecoin venture.

XRP Plunges Amid Market Wide Bloodbath

XRP was trading at $0.4761 as of the date this article is written. 10% plunge The last 24 hours. It is the seventh-ranked altcoin that extends its weekly Losses of 21%.

The decline is part of an overall market drop that has shook Bitcoin and global markets. Crypto market expected to recover due to fear of an economic recession hitting the U.S.

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