On December 17th, 2024, Ripple Labs launched Ripple USD (RLUSD). Three months after market debut, did financial products that remain at 1:1 parity in the US dollar not be a major prominent thing that causes success or failure?
For some readers, this question seems to be in a hurry. But considering that it was presented, it is a valid problem Alternatives to compete with two giants in this niche in the USDT and USDC marketa stable currency issued by tether companies and circle companies, respectively.
After reviewing the results of RLUSD, it’s clear that their start since its launch was not what they expected.
Ripple Labs Stable’s market capitalization is $59 million to $176 millionrepresents a 198.3% increase.
However, it’s far from USDT ($143,485 million), USDC ($59,339 million), and DAI ($3,251 million).
In the cryptocurrency world, market capitalization is Important metrics that reflect the size and relevance of the assetPlus, you can measure recruitment and domain.
Within the Stablecoins category, There are 11 cryptocurrencies that are more valuable than RLUSDwhich indicates that there is still a significant gap in market recruitment and positioning.
Market analysis expert Adam Kokram has expressed this The appearance of the RLUSD was meant to mark an A back and forth In a traditional financial system. Despite excessive optimism, financial products have not been noticed until now.
As reported by Cryptonotics, analysts predicted that Ripple Labs’ financial products were backed by deposits, short-term treasure bonds and other liquid equipment, and were approved by the New York Financial Services Division (NYDFS), and therefore had conditions for integration into the traditional banking structure.
This makes it attractive for banks looking to leverage cryptocurrency networks to improve cross-border payments, reduce costs and maintain strict financial standards.
However, this did not happen, and RLUSD is still far from competing with USDC or USDT.
Perhaps the main challenge for Ripple currency in the future is availability in exchange. It is currently listed in Uphold, MoonPay, B2C2, Keyrock, Coinmena, Archax, Bitso, JST Digital, Independent Reserve, Bullish, Mercado Bitcoin (MB), Zero Hash, Revolution and Bitstamp.
Most of these platforms are virtually unknown to users who have been in the field for years. If RLUSD is not listed in large exchanges such as Binance or Coinbase, That mass adoption will be compromised and its usefulness will be limited. In short, you will need to change your strategy to reach these platforms, but it is intended to fail.
Ripple Manager announced that it would have an important launch in January, but this is not completed either.
If the story doesn’t have a 180-degree turn, RLUSD will take part in a series of unfulfilled promises, such as nearly extinct ideas. XRP transforms banks and competes directly with Swifta global interbank payment system.
Ripple said that XRP could offer a faster, faster, economical and efficient alternative to SWIFT, but That goal has not been realized.
Meanwhile, XRP investors are hoping that a stable currency will start flying and shine in this market niche. Ripple Labs Financial products operate on the Ethereum and XRP Ledger networks.
This is important. Because if it is successful, there will be more operations in the XRP ledger, and as a result, XRP demand is rising To pay the fee. This generates an upward movement of Ripple Labs cryptocurrency prices.
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