Ripple launched RLUSD in December 2024, backed 1:1 by U.S. dollar reserves and approved by the New York Department of Financial Services. The token initially debuted on services such as Uphold before rolling out to platforms like Kraken. RLUSD has a $310 million market cap and joined a $250 billion stablecoin market dominated by Tether’s USDT and Circle’s USDC.

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