Ripple has announced the launch of its stablecoin RLUSD and revealed which exchanges will support USD-denominated tokens.
Uphold, Bistamp, MoonPay, Independent Reserve, CoinMENA, and Bullish all offer RLUSD, and leading market makers like B2C2 and Keyrock support RLUSD liquidity.
“With early trading partners, RLUSD’s clear utility and demand, and strong focus on regulatory compliance, Ripple’s stablecoin is poised to become the gold standard for enterprise-grade stablecoins.” CEO Brad Garlinghouse said.
“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. , RLUSD, XRP and other digital assets to enable faster, more reliable and cost-effective cross-border payments.”
Announced in April, RLUSD is 100% backed by U.S. dollar deposits, short-term U.S. Treasury securities, and other cash equivalents.
Ripple begins testing RLUSD on Ethereum, XRP ledger
Ripple’s RLUSD moves one step closer to launch after beta testing on Ethereum and XRP Ledger
Ripple is committed to making its stablecoin enterprise-grade and compliance-first. RLUSD joins a growing list of USD-backed stablecoins, with the stablecoin market expected to grow to more than $2.8 trillion by 2028. Both Ripple’s native tokens, XRP and RLUSD, will be used in the company’s cross-border payment solutions.
The RLUSD testnet announcement comes after Ripple was fined $125 million in a U.S. Securities and Exchange Commission (SEC) lawsuit. Initially, regulators sought $1 billion in disgorgement and prejudgment interest and $900 million in civil penalties.
Ripple fined $125 million in SEC lawsuit, XRP rises 20%
The XRP community rejoices because the $125 million fine against Ripple is much less than the $1 billion or more the SEC had previously sought.
An advisory committee, including former FDIC Chair Sheila Baer, will oversee the responsible implementation of RLUSD. The New York Trust Company Charter will oversee the issuance of stablecoins.
“Demand for stablecoins is surging due to proven use cases in a variety of financial applications.As a long-time partner of Ripple, Independent Reserve is the first to offer RLUSD to customers in the Asia Pacific region. We are excited to become one of the leading cryptocurrency exchanges in the world,” Adrian said. Przerozny, Group CEO of Independent Reserve, said:
“This milestone underscores the strong trust and partnership we have built over the years and our shared commitment to transforming financial services.”
