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Ripple Labs Inc. has made another major push towards the launch of its long-awaited dollar-based stablecoin, RLUSD. In a recent announcement during the Ripple Swell event in Miami, Florida, the blockchain company named exchange and market maker partners for its upcoming stablecoin.
Ripple announces exchange partners for RLUSD
Speculation regarding the launch date of Ripple’s stablecoin is increasing after the company shared its latest update.
According to Ripple, RLUSD will be available to users of global trading platforms such as Uphold, MoonPay, Independent Reserve, CoinMENA, Bitstamp, Bitso, and Bullish, while cryptocurrency trading companies Keyrock and B2C2 will act as market makers for the token. .
Ripple is currently awaiting regulatory approval from the New York Department of Financial Services (NYDFS) before opening RLUSD to the public.
In addition to exchange partners, Ripple announced its participation in the RLUSD Advisory Board. The advisory board includes former Federal Deposit Insurance Corporation (FDIC) Chair Sheila Baer and Ripple Chairman Chris Larsen.
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Ripple is ready to make a splash in the stablecoin world
In April, Ripple announced plans to issue its own stablecoin to compete for a slice of the crowded $160 billion stablecoin market.
According to Ripple Research, the stablecoin will be overcollateralized, meaning that the value of RLUSD will be backed 1:1 by US dollar reserves, short-term US government bonds, and cash equivalents.
RLUSD’s beta test was announced in August following Judge Annalisa Torres’ decision to fine Ripple $125 million in a long-running lawsuit with the U.S. Securities and Exchange Commission (SEC) that was first filed in late 2020. It started in the beginning of the year. Millions of new assets have been minted and baked on both the XRP Ledger and Ethereum blockchains.
According to Ripple boss Brad Garlinghouse, early exchange partners, obvious utility, high demand for RLUSD, and a keen focus on regulatory compliance make the new stablecoin an “enterprise-grade stablecoin.” It is planned to become the “gold standard of the world.”
“Customers and partners have been asking for high-quality stablecoins like RLUSD that can be used in a variety of financial use cases, including payments, tokenization of real-world assets, and decentralized finance,” Garlinghouse said. He said in a statement on May 15th.
Garlinghouse added that Ripple’s payment solution leverages RLUSD and XRP, the seventh largest digital coin by market capitalization, to enable faster and cheaper international transactions.
