Ripple has announced the exchanges that will take part in the launch of Ripple USD (RLUSD), a new dollar-backed stablecoin. The company has established partnerships with prominent exchanges such as Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, Bullish, and CoinMENA.
Today at #RippleSwell, we’re proud to announce our Ripple USD exchange partners.
Upon regulatory approval, $RLUSD will be globally available for institutions and users from @UpholdInc, @BitStamp, @Bitso, @Moonpay, @Indereserve, @CoinMENA, and @Bullish. https://t.co/iZ7L1MHpn3
— Ripple (@Ripple) October 15, 2024
On October 15, Ripple’s CEO, Brad Garlinghouse, emphasized the importance of the RLUSD stablecoin. He said the new stablecoin is the “gold standard for enterprise-grade stablecoins,.” He added,
Customers and partners have been asking for high-quality stablecoins like RLUSD to use across various financial use cases, such as payments, tokenizing real-world assets, and decentralized finance.
Boosting Cross-Border Payments
The RLUSD stablecoin aims to offer faster and more efficient cross-border payments. It uses the Ripple payment protocol in conjunction with XRP, the coin of the Ripple company. The stablecoin is believed to ease seamless interaction between traditional and digital economies. It will also help develop the cryptocurrency market and make stablecoins available around the globe.
Ripple Mints 485 RLUSD Tokens on Ethereum and XRPL Networks
As a stablecoin issued under a New York Trust Company Charter, it is highly regulated and, as such, has a lot of credibility. This gives it an edge over other forms of these investments, especially to regulators and institutional investors.
Advisory Board Appointment
Sheila Bair, the former chair of the FDIC, has joined Ripple’s advisory board. According to Bair, stablecoins are instrumental in the transformation of the new financial structure. Also, she endorsed Ripple’s ‘compliance-first’ model and observed that this is the best way forward for the industry to gain credibility.
This comes after Ripple’s RLUSD stablecoin has already been launched for testing on the XRP Ledger (XRPL) and Ethereum mainnets by August 9. The stablecoin is built to be highly collateralized to provide adequate support for the coin. This means that each unit of RLUSD is supported by a 1:1 ratio with US Dollar reserves, which gives it credibility and confidence.
Commitment to Transparency
Ripple has promised to get third-party audits to prove the existence of the reserves. Furthermore, the company will issue monthly reports to ensure complete transparency. This would guarantee compliance with users and regulatory bodies.
