Ripple has officially launched its enterprise-grade, USD-backed stablecoin, Ripple USD (RLUSD). This new stablecoin is supported by a range of US financial assets, including deposits, government bonds, and cash equivalents, ensuring its stability and reliability.
Starting December 17, 2024, RLUSD will be available on several crypto exchanges such as Uphold, Bitso, MoonPay, Archax, and CoinMENA. Ripple also plans to expand the availability of RLUSD to additional platforms, including Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and Zero Hash in the weeks following its launch.
In a bid to ensure transparency and build trust, Ripple will publish monthly third-party attestations regarding the reserve assets backing RLUSD, audited by an independent firm. This commitment to transparency is designed to reassure users and investors about the stablecoin’s integrity.
Ripple Payments plans to utilize RLUSD to enhance global payment solutions for its enterprise customers, with this initiative expected to kick off early next year. The digital asset will operate on both the XRP Ledger and Ethereum blockchains.
To bolster its credibility and expertise, Ripple has appointed two prominent financial experts to the advisory board for RLUSD. 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, will lend their knowledge on regulatory and operational matters. The board also includes other notable figures, such as former FDIC Chair Sheila Bair and Ripple co-founder Chris Larsen.
Rajan emphasizes that RLUSD’s commitment to compliance and reliability aims to set new benchmarks in the industry, while Ripple CEO Brad Garlinghouse anticipates that as regulations evolve in the U.S., the adoption of stablecoins like RLUSD will grow, enriched by a legacy of trust and expertise in the sector.
This launch represents a significant stride in the stablecoin market, promoting a trust-based approach to digital currencies while aiming to shape the future of financial transactions. With industry veterans on board and a solid foundation, RLUSD is well-positioned to make a meaningful impact.
Summary: Ripple has launched its US-backed stablecoin, RLUSD, to be available on major crypto exchanges starting December 17, 2024. With a commitment to transparency and an advisory board of esteemed financial experts, Ripple aims to set new standards for trust in the stablecoin market. The platform seeks to enhance global payments for enterprise customers, signaling a proactive approach to adapting to changing financial regulations. This initiative could pave the way for increased adoption of stablecoins, reinforcing Ripple’s role in the evolving digital asset space.