Ripple, a leading provider of digital asset infrastructure for financial institutions, announced that its USD-denominated stablecoin, Ripple USD (RLUSD), will be available on global exchanges starting December 17, 2024. The stablecoin is designed with trust, utility, and compliance at its core, backed by Ripple’s years of experience working with crypto and the existing financial system.
Initially, RLUSD will be listed on Uphold, Bitso, MoonPay, Archax, and CoinMENA, with additional listings expected in the coming weeks. Each token is fully backed by U.S. dollar deposits, government bonds, and cash equivalents to ensure stability, reliability, and liquidity.
Ripple’s CEO, Brad Garlinghouse, stated that launching RLUSD under the NYDFS limited purpose trust company charter sets a new standard for stablecoins. The stablecoin offers real utility and is backed by years of trust and expertise in the industry.
RLUSD aims to facilitate instant settlement of cross-border payments, access liquidity for remittance and treasury operations, seamlessly integrate with decentralized finance (DeFi) protocols, reliably bridge between traditional fiat currencies and the crypto ecosystem, and provide collateralization for trading tokenized real-world assets.
Raghuram Rajan, former Governor of the Reserve Bank of India, and Kenneth Montgomery, former First Vice President and Chief Operating Officer of the Federal Reserve Bank of Boston, have joined the RLUSD advisory board to provide strategic guidance on regulatory, financial, and operational aspects.
RLUSD sets a new standard for stablecoins by combining innovative functionality with the regulatory rigor and credibility of an NYDFS-issued New York limited purpose trust company. Ripple’s solutions leverage the XRP Ledger and its native digital asset, XRP, which enables fast, low-cost, highly scalable transactions across various use cases.
Source: https://www.businesswire.com/news/home/20241216911945/en/Raising-the-Standard-for-Stablecoins-Ripple-USD-Launches-Globally-with-Unmatched-Utility-Experience-and-Compliance