Ripple secures the launch of RLUSD on the Root network amid the latest collaboration, expanding the stablecoin’s liquidity.
The Root network confirmed the launch in a tweet yesterday. The latest partnership will allow users of the metaverse-focused blockchain access to the Ripple USD (RLUSD).
Expanded RLUSD Liquidity
Root Network announced adding the RLUSD option for its clientele, permitting users to buy, hold, and trade the stablecoin. Furthermore, the blockchain has unlocked RLUSD on FuturePass, meaning users can seamlessly bridge between the Root network and the XRP Ledger.
Notably, the Futureverse experience blockchain joins the growing list of networks and exchanges adding support for the newly launched RLUSD. The stablecoin went live on the XRP Ledger on December 17 on the heels of regulatory approval from the New York Department of Financial Services (NYDFS).
Five exchanges, Archax, Bitso, CoinMENA, MoonPay, and Uphold, added initial support for RLUSD upon launch. The stablecoin is also available on the Ethereum network, further boosting liquidity.
Meanwhile, other exchanges, like Singapore-based Independent Reserve, have launched RLUSD for trading on their platform. Most recently, Ripple secured a groundbreaking partnership with Chainlink to boost RLUSD’s attractiveness to decentralized finance (DeFi) protocols.
Ripple Poised for More RLUSD Partnerships
The fintech giant has teased the Ripple USD as a complement to XRP in its cross-border payment solution. The stablecoin will provide options and boost liquidity while enhancing the XRPL Ledger’s DeFi prowess.
Meanwhile, Ripple still aims to push RLUSD for broader usage and adoption. President Monical Long disclosed in a recent interview that the payment giant is exploring partnerships to “imminently” foster the RLUSD stablecoin’s launch on tier-one exchanges like Coinbase and Binance.
Moreover, Cardano founder Charles Hoskinson has repeatedly teased the idea of collaborating with Ripple to launch RLUSD on its network. The founder recently lauded Ripple and the XRP ecosystem, hinting at one point that he is engaging with the team to discuss a probable RLUSD debut on the Cardano network.
In the meantime, RLUSD has maintained stability and its peg with the US dollar. CoinMarketCap shows that the stablecoin’s market cap has surpassed $53 million, with a 24-hour trading volume of 186 million.
