Ripple, a provider of enterprise blockchain and crypto solutions, has launched a stablecoin. RippleUSD (RLUSD)on today’s global exchanges.
RLUSD is fully backed by US dollar deposits, government bonds, and cash equivalents to ensure stability and reliability.
The stablecoin will initially be available on multiple exchanges including Uphold, Bitso, MoonPay, Archax, and CoinMENA, and will be available in the coming weeks on exchanges such as Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and Zero Hash. It is also planned to expand.
ripple focuses on the Americas, Asia Pacific, UK and Middle East regions and aims to drive global adoption through partnerships with these and other market makers and payment providers.
RLUSD is designed for a variety of financial applications, including cross-border payments, DeFi integration, liquidity access for remittances and treasury operations, and collateral for tokenized asset trading.
Ripple Payments also plans to leverage RLUSD to facilitate global payments for enterprise customers starting next year.
To strengthen trust and transparency, Ripple will issue monthly third-party certifications of RLUSD reserves.
In addition, former Reserve Bank of India President Raghuram Rajan and former Boston Fed First Deputy President Kenneth Montgomery have joined the RLUSD Advisory Board, along with Sheila Bear, David Puth, and Chris Larsen.
“Ripple made the conscious choice early on to launch a stablecoin under the NYDFS Limited Purpose Trust Company Charter, which is widely recognized as the highest regulatory standard around the world.
As the US moves towards clearer regulation, we can expect to see increased adoption of stablecoins like RLUSD that offer real-world utility and are backed by years of trust and expertise in the industry. ”
Ripple CEO Brad Garlinghouse said:
Featured image credit: Edited from freepic
