Originally published on: December 16, 2024
Ripple, the blockchain giant renowned for XRP, has officially announced the upcoming launch of its Ripple USD (RLUSD) stablecoin for global trading on December 17.
The brand new RLUSD stablecoin, backed by the United States dollar, has finally received the green light from the New York Department of Financial Services (NYDFS) for its entrance into the worldwide financial and cryptocurrency markets. This significant approval marks a pivotal moment for Ripple and its innovative digital currency.
This stablecoin, introduced in June, is uniquely 1:1 dollar-backed and supported by US dollar deposits, short-term US government Treasurys, and various cash equivalents, ensuring its stability and security for users.
At its debut, the RLUSD stablecoin will be available on prominent crypto platforms and exchanges such as Uphold, MoonPay, Archax, and CoinMENA, with further listings planned on platforms like Bitso, Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and others in the near future.
In its strategic move to drive global adoption, Ripple foresees its partner network driving RLUSD’s utilization across the Americas, Asia-Pacific, the United Kingdom, and the Middle East regions. The ultimate aim is to establish RLUSD as a leading cross-border settlement and treasury remittance tool to revolutionize global payments and transactions.
Moreover, RLUSD is expected to feature integration with decentralized finance protocols, on-ramp, and off-ramp support, as well as collateralization for trading tokenized real-world assets like commodities, securities, and treasuries onchain.
The introduction of RLUSD is accompanied by key appointments to its advisory board, including distinguished figures like Raghuram Rajan, former governor of the Reserve Bank of India, and Kenneth Montgomery, former first vice president and COO of the Federal Reserve Bank of Boston. These industry veterans will offer strategic guidance to bolster RLUSD’s stability and growth.
Stablecoins are carving out their place in the payments landscape, offering secure, scalable, and efficient alternatives to traditional payment systems. The integration of RLUSD into Ripple’s ecosystem signifies a major shift towards streamlined and cost-effective global payments.
With RLUSD’s imminent trading debut and a stellar advisory board in place, Ripple is poised to drive innovation in the digital currency space and pave the way for a new era of seamless and efficient transactions. Get ready to witness the future of stablecoins unfold before your eyes with Ripple’s RLUSD.
