Ripple partners with exchanges for RLUSD stablecoin launch
At the Ripple Swell 2024 conference in Miami, Ripple (CRYPTO:XRP) announced new partnerships with exchanges and market makers to support the launch of its upcoming dollar-pegged stablecoin, RLUSD (CRYPTO:RLUSD).
The stablecoin is designed to facilitate payments, asset tokenisation, and seamless crypto-to-fiat transactions, integrating traditional finance with digital assets.
Ripple revealed that several partners, including Bitstamp, Bitso, Bullish, CoinMENA, MoonPay, Uphold, and Independent Reserve, will support the distribution of RLUSD across global markets.
Additionally, the firm has collaborated with market makers B2C2 and Keyrock to ensure liquidity and promote adoption.
The stablecoin will initially operate on both the XRP Ledger and the Ethereum (CRYPTO:ETH) network, enabling real-time transactions and fiat-digital currency conversions.
Ripple CEO Brad Garlinghouse highlighted that RLUSD aims to become a "gold-standard stablecoin" for enterprise use, enhancing the company’s cross-border payment solutions.
With the introduction of RLUSD, Ripple seeks to optimise the speed and cost of transactions, providing institutions with a secure and efficient means to conduct global trade without worrying about price volatility.
Garlinghouse emphasised that stablecoins will be crucial for enterprise use cases, including payments and decentralised finance (DeFi).
In line with its compliance strategy, Ripple has formed an advisory board for RLUSD, featuring notable members such as former FDIC Chair Sheila Bair and former CENTRE Consortium CEO David Puth.
Bair expressed the importance of stablecoins in modernising financial infrastructure, emphasising responsible innovation to ensure consumer protection and financial stability.
The RLUSD stablecoin will be backed by dollar deposits, short-term U.S. Treasuries, and cash equivalents, ensuring transparency through independent third-party audits.
Accounting firm BPM will conduct these audits, with monthly attestations to verify that RLUSD reserves are fully collateralised.
Ripple’s strategy reflects a broader goal to connect traditional financial markets with blockchain technology.
The company’s payment network, which has processed over $70 billion in transactions across 90 markets, underscores its ambition to drive digital finance forward.
Monica Long, Ripple’s president, stated that the RLUSD is “operationally ready” and is awaiting regulatory approval from the New York Department of Financial Services (NYDFS).
The public launch could happen in the coming weeks, following this approval.
At the time of writing, the XRP price was $0.5409.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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