Ripple’s RLUSD Stablecoin Goes Live on Aave V3 Ethereum Market
Aave users can start supplying and borrowing Ripple’s RLUSD stablecoin on the decentralized lending platform’s V3 Ethereum Core market, Aave said in a Monday post on X.
The peer-to-peer loans market has a supply cap of 50 million RLUSD and a borrow cap of 5 million RLUSD.
https://twitter.com/aave/status/1914399865632628781
RLUSD is a stablecoin pegged 1:1 to the U.S. dollar offered on the XRP Ledger and Ethereum blockchain. It is fully backed by U.S. dollar deposits, short-term U.S. Treasuries, and cash equivalents with each token matched by equivalent fiat value.
Security features make RLUSD appealing to institutional users. An XRP Ledger amendment in January saw a “clawback” feature go live on the network, allowing the issuer to reclaim certain tokens, such as RLUSD, from users’ wallets under specific conditions.
Industry leaders say RLUSD may shift crypto market dynamics, with incumbents such as Tether’s USDT, the largest stablecoin, and Circle’s USDC, the No. 2, seeing competition from Ripple’s product. It is also seen boosting closely related XRP’s appeal among investors.
