Ripple has launched its enterprise-grade, USD-denominated stablecoin Ripple USD (RLUSD), backed by US dollar deposits, US government bonds, and cash equivalents.
Starting 17 December 2024, RLUSD is initially available on crypto exchanges including Uphold, Bitso, MoonPay, Archax, and CoinMENA.
The company has also outlined plans for more listings on platforms including Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and Zero Hash in subsequent weeks.
Ripple promises to maintain transparency by releasing monthly, third-party attestations of RLUSD’s reserve assets, which will be carried out by an independent auditing firm.
Ripple Payments plans to use RLUSD to support global payments for its enterprise customers, beginning early next year.
The digital asset is available on the XRP Ledger and Ethereum blockchains.
Ripple has added two financial experts to the RLUSD advisory board.
Former Reserve Bank of India Governor Raghuram Rajan and former first vice president and COO of the Federal Reserve Bank of Boston Kenneth Montgomery will offer guidance on regulatory, financial, and operational aspects.
The advisory board also includes former FDIC chair Sheila Bair, vice chairman of Partners Capital and former CENTRE consortium CEO David Puth, as well as Ripple co-founder and executive chairman Chris Larsen.
Raghuram Rajan said: “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.”
Ripple CEO Brad Garlinghouse said: “As the U.S. moves toward clearer regulations, we expect to see greater adoption of stablecoins like RLUSD, which offer real utility and are backed by years of trust and expertise in the industry.”
“Ripple’s RLUSD stablecoin makes debut on crypto exchanges ” was originally created and published by Electronic Payments International, a GlobalData owned brand.
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