Ripple's RLUSD Stablecoin Launched on Major Exchanges

2024-12-17 industry

New York, Tuesday, 17 December 2024.
Ripple’s RLUSD stablecoin, backed by US dollar reserves and approved by NYDFS, is now live on major exchanges, marking a key regulatory milestone and expanding its use in digital finance.

Regulatory Milestone and Initial Exchange Support

Following approval from the New York Department of Financial Services (NYDFS) on December 10, 2024 [3], Ripple has officially launched its RLUSD stablecoin on December 17, 2024 [1][3]. The stablecoin is initially available on five major cryptocurrency platforms: Uphold, Bitso, MoonPay, Archax, and CoinMENA [1][3]. Additional exchanges, including Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and Zero Hash, are expected to list RLUSD in the coming weeks [1].

Robust Asset Backing and Infrastructure

RLUSD is designed with strong financial backing, being supported by US dollar deposits, US government bonds, and cash equivalents [3]. To ensure transparency, monthly third-party attestations of RLUSD’s reserve assets will be conducted by an independent auditing firm [3]. The digital asset operates on both the XRP Ledger and Ethereum blockchains [3], providing flexibility and broader accessibility for users. This infrastructure supports Ripple’s impressive track record, with the company having processed $70 billion in payments across more than 90 global markets [1].

Strategic Leadership and Expert Oversight

Ripple has assembled a distinguished advisory board to oversee RLUSD’s development, recently adding Raghuram Rajan, former Governor of the Reserve Bank of India, and Kenneth Montgomery, former First VP and COO of the Federal Reserve Bank of Boston [1][6]. As noted by Ripple CEO Brad Garlinghouse, ‘Early on, Ripple made a deliberate choice to launch our stablecoin under the NYDFS limited purpose trust company charter, widely regarded as the premier regulatory standard worldwide’ [1]. This strategic approach underscores Ripple’s commitment to regulatory compliance and industry best practices.

Future Applications and Market Impact

Looking ahead, Ripple Payments plans to integrate RLUSD into its global payments system for enterprise customers starting in early 2025 [3]. The stablecoin is positioned for various use cases, including cross-border payments, corporate treasury purposes, DeFi applications, and collateral for margin trading [1]. As emphasized by Raghuram Rajan, ‘With its focus on compliance and reliability, RLUSD aims to establish new standards for trust and to play a pivotal role in shaping the future of payments’ [3].

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