Ripple partners with top exchanges to launch RLUSD stablecoin globally News ▸ XRP ▸ Stablecoins
Ripple partners with top exchanges to launch RLUSD stablecoin globally
Ripple's RLUSD supply has already exceeded $60 million while still in beta mode.
2 min read
Updated: Oct. 15, 2024 at 7:50 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Ripple has officially unveiled the exchange partners supporting its new Ripple USD (RLUSD) stablecoin, according to an Oct. 15 statement.
According to the release, RLUSD will be available globally for institutions and users on major crypto trading platforms, including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish.
The crypto company also confirmed that leading market makers, such as B2C2 and Keyrock, will ensure liquidity for RLUSD, facilitating its broader adoption.
RLUSD aims to serve enterprise clients by offering a blend of the stability associated with fiat currencies and the efficiency of blockchain technology. Its primary use cases include cross-border payments, fiat on/off ramps, and the tokenization of real-world assets.
Ripple’s decision to launch RLUSD on both XRP Ledger (XRPL) and Ethereum illustrates its commitment to providing a compliant, trusted stablecoin for developers and users. Each RLUSD token will maintain a 1:1 parity with the US dollar and be fully backed by dollar reserves, US government bonds, and cash equivalents.
While the asset is still in private beta mode, CryptoQuant data shows that its supply has reached around $60 million, with 33.75 million RLUSD currently on the XRPL network and the balance on Ethereum.
Ripple CEO Brad Garlinghouse emphasized that strong exchange partnerships, clear utility, and growing demand position RLUSD as the benchmark for enterprise-grade stablecoins. He added that the firm’s decision to launch the new stablecoin comes in response to the increased market interest in stablecoins that offer robust solutions across various financial sectors, including payments and tokenization.
Garlinghouse also highlighted that RLUSD will complement Ripple’s existing suite of products, particularly in the area of cross-border payments, stating:
“Our payment solutions will leverage RLUSD, XRP, and other digital assets to enable faster, more reliable, and cost-effective cross-border payments.”
RLUSD advisory board
In addition to the launch, Ripple has assembled an RLUSD Advisory Board to guide RLUSD’s market entry and growth.
The board includes notable figures such as former Federal Deposit Insurance Corporation (FDIC) Chair Sheila Bair, former CENTRE Consortium CEO and JPMorgan executive David Puth, and Ripple co-founder Chris Larsen.
Puth noted that stablecoins are crucial in bridging traditional finance and the crypto market because they offer the stability required for institutional transactions while benefiting from blockchain technology’s ability to enhance transparency and efficiency.
Bair added that as the digital economy continues to evolve, RLUSD is expected to play a significant role in modernizing financial infrastructure and expanding financial inclusion.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Ethereum
$3,462.40
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
Bitstamp
Bitstamp is a European-based cryptocurrency marketplace that allows people from all around the world to buy and sell cryptocurrencies.
Brad Garlinghouse stands at the forefront of financial technology as the CEO of Ripple.
Chris Larsen stands as the Executive Chairman of Ripple’s board of directors, bringing a wealth of experience from his extensive career in financial technology.
