Catenaa, Tuesday, December 17, 2024 – Ripple launches its much-anticipated RLUSD stablecoin today, marking a new entry into the competitive dollar-pegged stablecoin market.
Ripple confirmed RLUSD will be fully backed by US dollar deposits, government bonds, and cash equivalents.
To ensure transparency, an independent auditing firm will produce monthly attestations of RLUSD’s reserve assets.
“Early on, Ripple made a deliberate choice to launch our stablecoin under the NYDFS limited purpose trust company charter, widely regarded as the premier regulatory standard,” Ripple CEO Brad Garlinghouse said Monday.
Initially available on the XRP Ledger and Ethereum, RLUSD will expand to additional blockchains and decentralized finance platforms in the future.
The stablecoin will debut on exchanges like Uphold, MoonPay, and CoinMENA, with wider availability on Bitstamp, Bullish, and others expected in the coming weeks.
The approval comes after Ripple secured clearance from the New York State Department of Financial Services last week. The company plans to integrate RLUSD into Ripple Payments early next year, boosting enterprise payment solutions with $70 billion in processed volume to date.
Ripple joins established players in the stablecoin market, such as Tether and Circle, as well as fintech firms like PayPal. Tether currently dominates the sector with over $140 billion in circulation.
