Stablecoin Revolution: Ripple Unveils USD-Denominated RLUSD
In a significant move, Ripple has launched its enterprise-grade stablecoin, Ripple USD (RLUSD), backed by a robust reserve of US dollar deposits, government bonds, and cash equivalents. This milestone marks a crucial step towards establishing trust and reliability in the digital payments landscape.
Initial Availability and Future Listings
Starting December 17, 2024, RLUSD is now available on prominent crypto exchanges, including Uphold, Bitso, MoonPay, Archax, and CoinMENA. In the coming weeks, Ripple plans to expand its reach by listing RLUSD on additional platforms, such as Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and Zero Hash.
Transparency and Accountability
Ripple has committed to maintaining transparency by releasing monthly, third-party attestations of RLUSD’s reserve assets. An independent auditing firm will conduct these attestations, ensuring the highest level of accountability and trust.
Global Payments and Enterprise Adoption
Ripple Payments aims to utilize RLUSD to support global payments for its enterprise customers, with plans to roll out this service early next year. The digital asset is available on both the XRP Ledger and Ethereum blockchains, providing a seamless experience for users.
Expert Guidance and Advisory Board
To ensure the success of RLUSD, Ripple has assembled a prestigious advisory board comprising financial experts. Former Reserve Bank of India Governor Raghuram Rajan and former first vice president and COO of the Federal Reserve Bank of Boston Kenneth Montgomery will offer guidance on regulatory, financial, and operational aspects. The advisory board also includes notable figures such as former FDIC chair Sheila Bair, vice chairman of Partners Capital and former CENTRE consortium CEO David Puth, as well as Ripple co-founder and executive chairman Chris Larsen.
Industry Insights and Future Outlook
Raghuram Rajan emphasized that RLUSD aims to establish new standards for trust and play a pivotal role in shaping the future of payments. Ripple CEO Brad Garlinghouse echoed this sentiment, stating that as the US moves towards clearer regulations, the adoption of stablecoins like RLUSD will increase, driven by their real utility and the industry’s years of trust and expertise.
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