Ripple has announced the launch of its stablecoin, RLUSD (Ripple USD), along with its global exchange partners who will facilitate the token’s availability worldwide.
This launch, alongside key partnerships, marks a major milestone in Ripple’s ongoing efforts to expand its offerings.
Ripple Names Exchange Partners for its RLUSD Stablecoin
The firm named Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish as exchange partners for the USD-denominated stablecoin. With a strong emphasis on regulatory compliance, Ripple CEO Brad Garlinghouse said RLUSD could set the standard for stablecoins.
“With our initial exchange partners, the clear utility and demand for RLUSD, and a strong focus on regulatory compliance, Ripple’s stablecoin is poised to become the gold standard for enterprise-grade stablecoins,” Garlinghouse said.
Ripple’s RLUSD stablecoin will launch on both the XRP Ledger and Ethereum blockchain. Ripple began minting RLUSD in late September, positioning it as a compliant, trusted, USD-backed stablecoin for developers and users alike.
Read more: What Is a Stablecoin? A Beginner’s Guide
The firm also committed to monthly third-party audited attestations of its reserve assets to ensure transparency. B2C2 and Keyrock will serve as market makers, supporting RLUSD stablecoin’s liquidity and helping promote its adoption across global markets.
It comes amid calls for high-quality stablecoins to enable payments, tokenization of real-world assets (RWA), and decentralized finance (DeFi). According to Garlinghouse, Ripple’s payment solutions could meet this demand by leveraging its unique mix of RLUSD, XRP, and other digital assets, delivering faster, more reliable, and cost-effective cross-border payments.
Stablecoin Advisory Board Amid Push for Regulatory Compliance
To promote responsible and compliant growth, Ripple has formed an advisory board for RLUSD, featuring prominent figures such as Ripple co-founder and Executive Chair Chris Larsen and former FDIC Chair Sheila Bair. Despite recent criticism from a Ripple executive toward the FDIC, Bair emphasized that stablecoins are key to advancing financial inclusion and modernizing infrastructure.
Another key board member, David Puth, Vice Chair of Partners Capital and former CEO of CENTRE Consortium, underscored RLUSD’s potential to bridge traditional finance (TradFi) with the digital economy.
“They [stablecoins] offer the stability needed for transactions while utilizing blockchain technology to enhance transparency and efficiency,” Puth remarked.
Ripple’s RLUSD stablecoin is poised to deliver enterprise-grade financial solutions, combining the stability of fiat currencies with blockchain efficiency. Key use cases include facilitating seamless payments and conversions between fiat and crypto, avoiding price volatility, and enabling RWA tokenization for assets like commodities and securities with reduced transaction costs and volatility.
Read More: A Guide to the Best Stablecoins in 2024
However, RLUSD enters a competitive market dominated by Tether’s USDT and Circle’s USDC, which account for over 90% of the stablecoin market. Despite their dominance, Ripple could carve out a significant market share by targeting the tightly regulated EU market.
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Lockridge Okoth
https://beincrypto.com/ripple-rlusd-gains-global-exchange-support/
2024-10-15 15:35:57
