Ripple USD (RLUSD) Launches with Unmatched Utility and Compliance

December 17, 2024 William Ross Cryptocurrency News, Finance, Press Release 0

Ripple USD (RLUSD) Launches with Unmatched Utility and Compliance
Ripple USD (RLUSD) Launches with Unmatched Utility and Compliance

Ripple, a leading provider of digital asset infrastructure for financial institutions, has announced the global launch of its new stablecoin, Ripple USD (RLUSD). The stablecoin will be available on global exchanges starting December 17, 2024, and aims to set new standards in trust, utility, and compliance.

Unmatched Utility and Compliance

RLUSD is an enterprise-grade, USD-denominated stablecoin designed with trust, utility, and compliance at its core. Each RLUSD token is fully backed by U.S. dollar deposits, U.S. government bonds, and cash equivalents, ensuring its stability, reliability, and liquidity. Ripple CEO Brad Garlinghouse stated, “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 worldwide.” Ripple said in a Press Release.

Global Exchange Listings

Initially, RLUSD will be available on Uphold, Bitso, MoonPay, Archax, and CoinMENA, with additional listings on platforms such as Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and Zero Hash expected in the coming weeks. This broad availability is expected to drive adoption and usage across the Americas, Asia-Pacific, UK, and Middle East regions.

Transparency and Trust

To maintain the highest standards of transparency, Ripple will publish monthly, third-party attestations of RLUSD’s reserve assets, conducted by an independent auditing firm. This move is aimed at ensuring the stability and reliability of the stablecoin, further enhancing trust among users.

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Strategic Partnerships

Key RLUSD partners include leading global exchanges, market makers, and payment providers. These partnerships will facilitate the instant settlement of cross-border payments, access to liquidity for remittance and treasury operations, and seamless integration with decentralized finance (DeFi) protocols. RLUSD will also serve as a reliable bridge between traditional fiat currencies and the crypto ecosystem.

Advisory Board

Ripple has strengthened its advisory board with the addition of Raghuram Rajan, former Governor of the Reserve Bank of India, and Kenneth Montgomery, former First Vice President and Chief Operating Officer of the Federal Reserve Bank of Boston. They join existing members such as former FDIC Chair Sheila Bair and Ripple co-founder Chris Larsen. Rajan commented, “Stablecoins could become the backbone of private payments by offering a secure, scalable, and efficient alternative to traditional systems.”

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Future Plans

Early next year, Ripple Payments will use RLUSD to facilitate global payments on behalf of its enterprise customers. Ripple Payments has already served $70 billion in payments volume and has near-global coverage with over 90 payout markets. RLUSD will be available on both the XRP Ledger and Ethereum blockchains, offering flexibility and scalability for a broad range of financial use cases.

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William Ross
About William Ross 322 Articles
I am a cryptocurrency enthusiast and writer with over five years of experience in the industry. I have been following the development and innovation of Bitcoin and Ethereum since their inception, and I enjoy sharing my insights and analysis with readers. I have written for various reputable platforms, such as CoinDesk, Cointelegraph, and Decrypt, covering topics such as market trends, regulation, security, and adoption. I believe that cryptocurrency is the future of finance and technology, and I am passionate about educating and informing people about its benefits and challenges.

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