Ripple launched a stablecoin in partnership with top crypto exchanges and financial institutions to support cross-border payments. Dubbed RLUSD, the new digital asset promises reliability and a bridge between traditional finance and the decentralized digital economy.
According to Ripple, RLUSD will be available to users worldwide through partnerships with exchanges such as Uphold, Bitstamp, and Bitso. The company aims to enhance liquidity and accelerate the adoption of the new asset.
Use Cases
The introduction of RLUSD comes at a time when businesses and financial institutions are seeking reliable tools for cross-border transactions and asset tokenization, the company mentioned. Ripple's payment network currently covers more than 90 markets.
According to the firm, the broad coverage enables RLUSD to facilitate real-time, 24/7 payments by reducing costs and transaction times. The new stablecoin will reportedly work alongside Ripple's native token, XRP, to enhance cross-border transactions.
Today at #RippleSwell, we’re proud to announce our Ripple USD exchange partners.Upon regulatory approval, $RLUSD will be globally available for institutions and users from @UpholdInc, @BitStamp, @Bitso, @Moonpay, @Indereserve, @CoinMENA, and @Bullish. https://t.co/iZ7L1MHpn3
— Ripple (@Ripple) October 15, 2024
Among its use cases, RLUSD will facilitate transactions across international borders to enable businesses to move capital effectively. The token also provides a bridge between fiat currencies and crypto assets, allowing businesses and individuals to convert between the two.
Besides that, the stablecoin supports trading and collateralizing real-world assets such as commodities and securities to improve liquidity and transparency in digital asset markets.
Firms Backing RLUSD
Some of the partners backing Ripple include B2C2 and Keyrock. These firms will reportedly boost the stablecoin's liquidity to enhance adoption and usability across institutional markets.
RLUSD also aims to contribute to decentralized finance. It is based on both the XRP Ledger and Ethereum blockchains and supports a wide range of financial applications, including decentralized exchanges and trading platforms that rely on stable assets for liquidity and collateral.
Early this month, Ripple obtained the approval to launch its payment infrastructure across the UAE. Dubai Financial Services Authority awarded the company the in-principle approval.
According to the company, this regulatory win will enhance its presence in the region as a platform for blockchain-enabled payment services in the crypto space. It will also enable Ripple to provide enterprise-grade digital asset infrastructure to clients in the UAE.
This article was written by Jared Kirui at www.financemagnates.com.
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