Their new product RLUSD. They are backing their stablecoin with their token XRP. 😂
That’s why you are seeing so much hype and pump in XRP.
Discussion
Oh its value is backed by XRP? I didn't know that, haven't looked into it much. Interesting. From the stablecoin perspective, I don't see why anyone wouldn't use it over USDC/T given the superior speed and cost, provided it is running on the same ledger. But backing it with XRP gives me pause.
People are calling this the "utility run". It's going to get rough out there, I think.
Yeah they are not saying this directly but when you look at it, they will use XRP for liquidity, which simply means they are backing their one shitcoin with another.
Meanwhile XRP holders are clowns, they believe in $10000 xrp 😂