Does Ripple’s product have any chance of taking over the stablecoin market?
Ripple’s RLUSD definitely has a chance of gaining control over the stablecoin market, but it won’t be an easy task.
1. The company has a solid track record when it comes to creating financial solutions, which could inspire confidence in potential users.
2. Ripple plans to use RLUSD alongside XRP for cross-border payments, which could ensure initial adoption and use of the stablecoin among their current customers.
3. The promise of monthly reserve reports could increase confidence in the stablecoin.
However, there are still some major hurdles:
1. Tether commands about 70% of the market, and it will be very difficult to compete with such a giant.
2. Circle’s USDC already holds a strong position as the second-largest stablecoin.
3. Ripple is still in litigation with the SEC, which could make some users wary.
4. There are already many stablecoins, and it will be difficult to stand out among them.
With all this in mind, RLUSD has a chance to occupy a certain niche, especially if Ripple can effectively integrate it into its existing solutions