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Ripple has announced the launch of its new stablecoin, Ripple USD (RLUSD). The company has secured partnerships with several major global exchanges and platforms to distribute the stablecoin, positioning it as a potential game-changer in the enterprise-grade digital asset space.
RLUSD, which is pegged to the US dollar, will be available on crypto exchanges including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish. This wide-ranging distribution network aims to ensure global accessibility for both institutions and individual users.
Brad Garlinghouse, CEO, Ripple
Brad Garlinghouse, CEO of Ripple, emphasised the demand for high-quality stablecoins in various financial use cases. He stated, "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."
To bolster liquidity and drive broader market adoption, Ripple has enlisted the support of leading market makers, including B2C2 and Keyrock.
To demonstrate its commitment to regulatory compliance, Ripple has established RLUSD under a New York Trust Company Charter, subjecting it to rigorous oversight. The company has also assembled an advisory board featuring industry heavyweights such as Sheila Bair, former chair of the Federal Deposit Insurance Corporation (FDIC), David Puth, Vice Chairman of Partners Capital and former CEO of CENTRE Consortium, and Chris Larsen, Ripple's co-founder and Executive Chairman.
Sheila Bair commented on her appointment, saying, "Stablecoins will play a key role in modernising our financial infrastructure and broadening financial inclusion. I am honoured to join Ripple's advisory board as they launch their stablecoin with a compliance-first approach."
Ripple has outlined several key use cases for RLUSD, including cross-border payments, on and off-ramps for cryptocurrency exchanges, and the tokenisation of real-world assets. The company plans to integrate RLUSD into its existing cross-border payment solutions, which currently cover over 90 markets and have facilitated more than 37 million transactions worth nearly $70 billion.
The launch of RLUSD has been met with enthusiasm from Ripple's partners. Ivan Soto-Wright, co-founder and CEO of MoonPay, expressed his support: "We're impressed with Ripple's commitment to advancing the stablecoin market and unlocking new, institutional use cases with RLUSD."
Daniel Vogel, CEO and co-founder of Bitso, highlighted the potential benefits for Latin American customers: "We believe this new stablecoin will greatly benefit our customers and business clients across Latin America, and we're excited to continue strengthening our partnership with Ripple."
RLUSD will initially be available on the XRP Ledger and Ethereum blockchains, a move that Ripple says responds to community demand for more credible stablecoins on these networks. Each RLUSD token is backed by US dollar deposits, U.S. government bonds, and cash equivalents, with Ripple committing to publish monthly, third-party audited attestations of reserve assets conducted by BPM.
