As Ripple USD (RLUSD) nears its long-awaited launch, Ripple CEO Brad Garlighaus spoke about the impending launch of the company’s own stablecoin. In response to the announcement of an exchange partner for digital assets pegged to the dollar, Garlinghouse made a bold statement that RLUSD will become the gold standard for enterprise-grade stablecoins.
Built on trust, liquidity, and compliance, RLUSD has been in development for nearly a year, and as it nears launch, Ripple CEO says it now has trusted exchange partners, market makers, and an advisory board. Ta.
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To ensure reliability, RLUSD is backed by Treasury bills, dollar deposits, and cash equivalents. Additionally, the company will issue an independent monthly report on reserves compiled by San Francisco-based accounting firm BPM.
Kick off the ripple swell with a bang!
RLUSD has been in development for nearly a year, and together with our trusted exchange partners, market makers, and advisory board, RLUSD is the gold standard for enterprise-grade stablecoins built on trust, liquidity, and compliance. It is planned to be. https://t.co/fLPglsjkfI
— Brad Garlinghouse (@bgarlinghouse) October 16, 2024
According to Monica Long, the company is now operationally ready for the launch of RLUSD. As the stablecoin is currently being tested on the XRP Ledger and Ethereum networks, large-scale transfers of millions of dollars have occurred in recent days.
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However, we still have to wait, as the New York Department of Financial Services has not yet approved Ripple USD for public availability. The initial announcement made it clear that stablecoin issuance would take place by the end of this year at the latest, so a green light from NYDFS is probably not far off.
The optimism also comes from Garlinghouse, who said last month that Ripple USD could launch in South Korea in “weeks, not months.”
