Ripple’s upcoming RLUSD stablecoin is generating a stir in the crypto community, with bids for the token already reaching as high as 836 XRP ($2,068) ahead of its scheduled release on Tuesday. These bids highlight the eagerness of collectors and speculators keen to be among the first to hold the much-anticipated stablecoin.
As of Tuesday morning in Asia, bids for RLUSD ranged from 500 XRP ($1,237) to 836 XRP ($2,068), with XRP priced just under $2.50, according to data on the Xaman application. Ripple Labs’ CTO, David Schwartz, pointed out that some buyers are even willing to pay premium prices for a tiny fraction of RLUSD. “There actually is someone willing to pay $1,200/RLUSD for a tiny fraction of one RLUSD,” Schwartz remarked in a post. “Maybe someone wants the ‘honor’ of buying the first bit of RLUSD on the DEX.”
Despite the inflated initial prices, Schwartz reassured the community that the price of RLUSD will stabilize once the supply of the token increases. “The price will come back to very close to $1 as soon as supply stabilizes,” he said. “If it doesn’t, something is very seriously wrong.”
The elevated bids for RLUSD reflect the typical behavior of speculators in the cryptocurrency market, who often pay higher-than-usual prices for the chance to be among the first to acquire a new token or NFT. This phenomenon could lead to some early price fluctuations before the token settles into its $1 peg.
RLUSD is set to launch on the XRP Ledger (XRP) on Tuesday, with listings expected on several exchanges and platforms, including Uphold, MoonPay, Archax, and CoinMENA. Despite the initial volatility, the token’s peg to the US dollar is expected to hold, with each RLUSD always being redeemable for $1.
