Ripple has announced exchange partners and customers for its USD-denominated stablecoin, Ripple USD (RLUSD).
The stablecoin will be available globally to institutions and users on exchanges and platforms such as Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish, Ripple said in a press release on Tuesday (October 15). said.
Ripple CEO Brad Garlinghouse said in a release: “The clear utility and demand of our early trading partner, RLUSD, and our strong focus on regulatory compliance make Ripple’s stablecoin a It is poised to become the gold standard for enterprise-grade stablecoins.”
Garlinghouse said customers are looking for stablecoins that can be used for use cases such as payments, tokenization of real-world assets, and decentralized finance, and Ripple’s payment solutions will facilitate cross-border payments. using RLUSD and other digital assets.
To guide the market introduction of RLUSD, Ripple has partnered with former Federal Deposit Insurance Corporation (FDIC) Chair Sheila Baer, Partners Capital Vice Chairman David Puth, and Ripple Co-Founder and Executive Chairman Chris Larsen. It is said that an advisory committee including Mr. Until release.
Potential use cases for RLUSD include real-time global payments via Ripple’s cross-border payment solutions covering over 90 markets. It creates a bridge between traditional fiat currencies and the cryptocurrency ecosystem, eliminating the need for price fluctuations. Tokenization of real-world assets will facilitate on-chain trading of commodities, securities, and government bonds, according to the release.
“Each RLUSD token is 100% backed by U.S. dollar deposits, U.S. Treasury securities, and cash equivalents,” the release states. “To ensure full transparency, Ripple will issue monthly certificates of accumulated assets that are audited by a third party conducted by BPM.”
Ripple announced plans to launch a dollar-pegged stablecoin in April.
The company said at the time that it expected the current $150 billion stablecoin market to grow to more than $2.8 trillion by 2028.
PYMNTS reported in September that fintech companies around the world are turning to stablecoins for their ability to offer the benefits of digital currencies without the volatility of cryptocurrencies.
Bloomberg reported in September that Robinhood Markets and Revolut were considering issuing their own stablecoins in hopes that regulatory changes in Europe and elsewhere would expand opportunities in the digital asset sector.
See more: Bitso, Bitstamp, Bullish, Chris Larsen, CoinMENA, Cryptocurrency, David Puth, Independent Reserve, Moonpay, News, PYMNTS News, Ripple, Ripple USD, RLUSD, Sheila Bear, Stablecoin, Uphold, Hot topic
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