Ripple has announced that its stablecoin, Ripple USD (RLUSD), will be available on global exchanges starting tomorrow, December 17, 2024. The RLUSD stablecoin is USD-denominated and designed for enterprise use.
It is backed by Ripple’s experience in both the cryptocurrency and traditional financial systems. The token will be available on both the XRP Ledger and Ethereum blockchains
RLUSD Launches on Multiple Platforms
Initially, RLUSD will be available on Uphold, Bitso, MoonPay, Archax, and CoinMENA, with plans for additional listings on platforms like Bullish, Bitstamp, Mercado Bitcoin, and others in the coming weeks.
Each RLUSD token is backed by US dollar deposits, government bonds, and cash equivalents to ensure stability. Monthly third-party attestations of RLUSD's reserves will be published for transparency.
“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,” said Brad Garlinghouse, Ripple’s CEO.
“As the US 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.”
The wait is over: RLUSD launches globally tomorrow!https://t.co/mYcyyX6Vre
— Ripple (@Ripple) December 16, 2024
Earlier, Finance Magnatesreported that Ripple's USD-pegged stablecoin, RLUSD, received approval from the New York State Department of Financial Services (NYDFS), as confirmed by the company's CEO, Garlinghouse, on social media platform X.
RLUSD Supports Payments and Collateralization
Ripple aims to leverage RLUSD for global payments, cross-border settlements, and liquidity access for remittances and treasury operations.
The token will also facilitate decentralized finance (DeFi) integration and provide a bridge between fiat and cryptocurrency systems. Additionally, RLUSD will support collateralization for tokenized real-world assets like commodities and securities.
Ripple Payments will use RLUSD for global payments starting early next year, adding to its existing $70 billion in payment volume.
Ripple warned that its stablecoin may face volatility upon launch. David Schwartz, the company’s CTO, cautioned against FOMO and potential supply shortages. His remarks followed reports of high pre-launch bids for RLUSD, the USD-pegged stablecoin.
Ripple noted that the volatility, driven by speculation, will subside once the stablecoin reaches supply and demand equilibrium.
This article was written by Tareq Sikder at www.financemagnates.com.
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