Uphold, a well-known crypto trading platform, recently announced a significant development involving RLUSD, Ripple’s USD-backed stablecoin, set to commence on January 1, 2025.
Uphold’s official X account posted “1.1.25, RLUSD,” captioning Ripple’s logo. This cryptic post has generated considerable interest across the cryptocurrency community, with many wondering what the exchange has planned for the New Year, RLUSD, and XRP.
The RLUSD Stablecoin
RLUSD, approved by the New York Department of Financial Services (NYDFS), is designed with trust and transparency at its core. The stablecoin is backed 1:1 by U.S. Dollar reserves and cash equivalents, with monthly audits conducted by third-party firms.
Built on enterprise-grade security protocols and subjected to rigorous independent audits, RLUSD aims to provide a secure and regulated alternative in the stablecoin market. The stablecoin brings many advantages to the XRP ecosystem, and could significantly benefit XRP.
What Is Uphold Planning for RLUSD?
Uphold was one of the initial launch partners for RLUSD, and in January, the stablecoin will become a key feature of its Rewards Center program. With this integration, Uphold users can earn rewards for buying and holding RLUSD.
Current users who have unlocked all three levels of the Rewards Center will receive exclusive 24-hour early access to RLUSD before its official rollout.
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The Rewards Center is designed to engage users through monthly activities, including app visits, asset deposits, and trading. Once RLUSD is incorporated, users will unlock benefits such as 5% rewards on RLUSD holdings, early access to new tokens, and access to exclusive crypto market insights. This initiative marks a major step forward for RLUSD, positioning it as a contender in the competitive stablecoin landscape.
XRP Community Excitement
Community responses highlight the excitement surrounding RLUSD’s potential. One commenter on X predicted that RLUSD will take over from USDT and become the new stablecoin standard.
Another noted the anticipated benefits of the Rewards Center, stating, “Earn 5% on RLUSD starting January 1, 2025. Uphold isn’t just a digital asset broker. They’re a neobank! Why be anywhere else?”
The move also comes at a time of growing scrutiny of stablecoins like Tether (USDT). This stablecoin has faced questions regarding its reserve transparency with some experts suggesting USDT has created a bubble that threatens the stability of Bitcoin and Ethereum.
RLUSD’s regulatory compliance and frequent audits could make it a strong competitor in the market. Also, USDT’s downfall could allow XRP to surpass BTC and ETH and take control of the market.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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