Cardano founder Charles Hoskinson has heaped praise on Ripple's RLUSD stablecoin, describing it as "awesome" in his recent social media post. 

As reported by U.Today, the stablecoin project, which was initially announced by Ripple in April, is on track to launch this Tuesday on some major exchanges, including Bitstamp. 

Last week, the product was greenlit by the New York State Department of Financial Services. 

According to cryptocurrency analytics platform CryptoQuant, nearly $66 million worth of RLUSD tokens have been minted over the past two weeks. 

Ripple's Jack McDonald stated that the stablecoin could be used for instant settlement, collateralization, DeFi integration, and so on.   

The stablecoin project will have to compete against such juggernauts as Tether (USDT) and USDC (USDC). 

Ripple CEO Brad Garlinghose has predicted growing demand for dollar-backed tokens. 

Earlier, McDonald said that RLUSD would be "the gold standard" of compliance. He argued that this will be one of the very few "fully regulated" stablecoins. 

The stablecoin will be initially available on the XRP Ledger and Ethereum. However, Hoskinson also stated that he was working on launching the new product on Cardano. Ripple previously confirmed that it would expand the list of available blockchains. 

As reported by U.Today, Hoskinson had a meeting with Ripple CEO Brad Garlinghouse earlier this month. He praised the latter as "extremely collaborative."