Ripple Launches Stablecoin RLUSD

Leading enterprise blockchain and digital asset infrastructure company Ripple has announced the official launch of the stablecoin Ripple USD (hereafter RLUSD).

Starting from the 17th (U.S. local time), RLUSD, which can be traded on global exchanges, is an enterprise-grade U.S. dollar-based stablecoin developed with a focus on trust, utility, and compliance, leveraging Ripple's years of experience in both cryptocurrency and traditional financial systems.

RLUSD will initially be traded on Uphold, Bitso, MoonPay, Archax, and CoinMENA, and is expected to be listed on platforms such as Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and Zero Hash in the coming weeks. Each RLUSD token is backed by U.S. dollar deposits, U.S. Treasury bonds, and cash equivalents to ensure stability, reliability, and liquidity. Ripple plans to issue certificates from third-party independent audit firms on RLUSD reserves monthly to maintain the highest level of transparency.

Ripple CEO Brad Garlinghouse stated, "Ripple has carefully chosen to launch the stablecoin under the Special Purpose Trust Company charter of the New York Department of Financial Services, known for the highest regulatory standards worldwide," adding, "As the U.S. moves towards clearer regulations, we expect the adoption of stablecoins like RLUSD, which provide real utility based on the trust and expertise accumulated over the years in the industry, to increase."

Key partners for RLUSD include major global exchanges, market makers, and payment providers in the Americas, Asia Pacific, the UK, and the Middle East, promoting the adoption and use of RLUSD. With RLUSD, ideal for financial use cases, institutions can enjoy various benefits such as securing liquidity for real-time cross-border payments, remittances, and fund management.

Additionally, Ripple Payments plans to use RLUSD for global payments for corporate clients early next year. Ripple Payments has processed $70 billion in payment volume, covering a global scale through over 90 payment markets, which account for more than 90% of the daily foreign exchange market. RLUSD is available on both the XRP Ledger and the Ethereum Blockchain, providing flexibility and scalability for various financial use cases.

Furthermore, to support the stability and growth of RLUSD, former Reserve Bank of India Governor Raghuram Rajan and former Boston Federal Reserve Bank Senior Vice President and COO Kenneth Montgomery have joined the RLUSD advisory board, providing strategic guidance on regulatory, financial, and operational aspects. They join existing advisory board members such as former Federal Deposit Insurance Corporation (FDIC) Chair Sheila Bair, Partners Capital Vice Chairman and former Centre Consortium CEO David Puth, and Ripple co-founder and Chairman Chris Larsen.

Meanwhile, RLUSD sets the standard for stablecoins by combining the regulatory rigor and reliability of the New York Limited Purpose Trust Company charter issued by the New York Department of Financial Services with innovative features. This further emphasizes Ripple's leadership in promoting trust and transparency in digital assets.