The price of XRP has shown signs of stabilization after recent volatility, largely driven by the growing adoption of RLUSD, the U.S. dollar–backed stablecoin within the Ripple ecosystem. RLUSD's market capitalization has surpassed $1.2 billion, with strict 1:1 USD reserves managed under a trust structure for enhanced security and redemption assurances.
A key development is the announcement of a pilot program by Mastercard in collaboration with WebBank and Gemini, testing the use of RLUSD to settle credit card transactions over the XRP Ledger. This marks one of the first instances where a fully regulated U.S. bank participates in stablecoin-based fiat settlement on a public blockchain, potentially bridging traditional payment networks with blockchain capabilities.
Complementing this, RLUSD received regulatory approval from the Financial Services Regulatory Authority (FSRA) in the Abu Dhabi Global Market (ADGM), designating it as an Accepted Fiat-Referenced Token. This authorization allows licensed financial institutions in ADGM to use RLUSD for regulated activities such as settlement, lending, and collateral operations, expanding its institutional utility in the Middle East.
The accelerating adoption of RLUSD is expected to boost underlying demand for XRP, as the XRP Ledger's native asset, due to increased network activity, liquidity, and ecosystem engagement. However, risks remain, including operational efficiency of pilots, regulatory alignment, and broader market volatility.
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