Ripple and SBI launched the RLUSD stablecoin in Japan, aiming to boost market presence and expand adoption.
Leading blockchain company Ripple and its partner SBI Holdings introduced their native RLUSD stablecoin in Japan.
According to them, the corporation wants a bigger piece of the $300 billion stablecoin industry, which is expected to expand into the billions.
The corporation has added stablecoins valued at $24 million in the last week through fresh minting.
Ripple Enters Japanese Market With RLUSD Stablecoin
The parent firm of XRP, Ripple, took action earlier today by entering the Japanese market with its native RLUSD stablecoin.
The launch is being carried out in collaboration with SBI Holdings, a significant ally that announced plans to add the stablecoin to its platform earlier this month.
Tomohiko Kondo, CEO of SBI VC Trade, discussed the development as follows:
“SBI Group has been leading the development of the cryptocurrency and blockchain field in Japan. The introduction of RLUSD will not just expand the option of stablecoins in the Japanese market, but is a major step forward in the reliability and convenience of stablecoins in the Japanese market. We will continue to work with Ripple to build a safe and transparent financial infrastructure.”
Ripple stated that the highest standards of compliance and transparency were used in developing its enterprise-grade stablecoin, RLUSD.
It guarantees that the stablecoin is supported by assets of superior quality, including USD deposits, short-term U.S. government bonds, and other cash equivalents.
Furthermore, unlike rivals like Tether’s USDT, Ripple permits third-party accounting, distinguishing it from its competitors.
The massive financial institution BNY Mellon keeps custody of Ripple’s RLUSD stablecoin to increase transparency.
Growing Stablecoin Active Addresses
The Ripple stablecoin’s market share increased by $24 million last week.
Likewise, the corporation generated $134 million in new stablecoins the previous month.
The monthly active addresses for RLUSD have increased by 17%, according to data from RWA.xyz, while the monthly transfer volume has increased by 19% to $3.5 billion.
The U.S. Office of the Comptroller of the Currency (OCC) permitted community banks to work with firms creating stablecoins earlier this month.
Bridging the gap with traditional finance might be a significant boost for Ripple’s efforts to promote its native stablecoin in the market.