Ripple, the startup behind XRP, has announced that its USD-backed stablecoin, RLUSD, will launch on December 17. RLUSD will first be available on prominent platforms including Uphold, MoonPay, Archax, and CoinMENA, with more listings on Bitso, Bitstamp, and Bullish expected in the coming weeks.
US dollar deposits, short-term government bonds, and other cash equivalents provide 100% backing for Ripple’s RLUSD stablecoin, ensuring stability and liquidity. To preserve openness, Ripple will publish monthly third-party audits of its reserves, giving investors and users confidence in the asset’s stability.
The launch follows approval from the New York Department of Financial Services (NYDFS), which is a key regulatory milestone that demonstrates Ripple’s dedication to compliance and integrity. This approach positions RLUSD to compete as a dependable stablecoin in global financial markets.
Ripple intends to incorporate RLUSD into its Ripple Payments platform by early 2025, thereby strengthening its position as a cross-border settlement and treasury solution for enterprise clients. Already processing $70 billion across 90 global markets, Ripple Payments expects RLUSD to play a significant role in facilitating smooth, rapid, and low-cost international transactions.
The stablecoin will also support decentralized finance (DeFi) protocols, allowing for collateralization when trading real-world assets such as commodities, securities, and treasuries on blockchain networks. RLUSD will launch on both the XRP Ledger and Ethereum, providing flexibility and scalability for a wide range of financial applications.
To steer RLUSD’s growth and stability, Ripple has appointed significant financial leaders to its advisory board. Raghuram Rajan, former Governor of the Reserve Bank of India, and Kenneth Montgomery, former Chief Operating Officer of the Federal Reserve Bank of Boston, are among the new recruits. They join Ripple co-founder Chris Larsen and former FDIC Chairman Sheila Bair, among others.
As Ripple prepares to launch RLUSD globally, it highlights the growing importance of stablecoins in modern banking by providing secure and efficient alternatives to established payment systems. The launch represents a new chapter in Ripple’s mission to connect traditional finance with the burgeoning crypto ecosystem.
