Ripple has officially introduced its new stablecoin, Ripple USD (RLUSD), which is fully backed by US dollar deposits, US government bonds, and cash equivalents. This enterprise-grade digital asset will be available on various crypto exchanges starting December 17, 2024, including Uphold, Bitso, MoonPay, Archax, and CoinMENA, with additional listings planned on platforms such as Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and Zero Hash in the weeks to follow.
To ensure transparency, Ripple has committed to providing monthly third-party attestations about RLUSD’s reserve assets through an independent auditing firm. This measure highlights Ripple’s dedication to building confidence in the new stablecoin.
Beginning in early 2025, Ripple Payments plans to leverage RLUSD to facilitate global payments for its enterprise customers. The stablecoin will be integrated on both the XRP Ledger and Ethereum blockchains, allowing for versatile usage across different platforms.
In a move to bolster its advisory board, Ripple has welcomed two notable financial experts: Raghuram Rajan, the former Governor of the Reserve Bank of India, and Kenneth Montgomery, the former first vice president and COO of the Federal Reserve Bank of Boston. Their insights will be invaluable in steering the regulatory, financial, and operational aspects of RLUSD. Additionally, the advisory board includes former FDIC chair Sheila Bair, David Puth, and Ripple co-founder Chris Larsen.
Raghuram Rajan emphasized that RLUSD aims to set higher standards for trust within the financial landscape. Ripple CEO Brad Garlinghouse expressed optimism about the increasing adoption of stablecoins as regulations in the United States become clearer, suggesting that RLUSD is positioned to provide significant utility within the digital asset space.
Overall, Ripple’s initiative to introduce RLUSD signals a strong commitment to innovation in the financial sector while maintaining transparency and compliance, potentially paving the way for broader acceptance of stablecoins in global financial systems. This could be a promising development for businesses looking for reliable tools to facilitate transactions.