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Ripple has announced the date for the much-anticipated launch of its RLUSD stablecoin. The crypto firm also provided key details on the exchanges that the stablecoin will be available upon launch.
Ripple To Launch RLUSD On December 17
In a press release, Ripple announced that the Ripple USD (RLUSD) will launch tomorrow, December 17. The stablecoin will be available on global exchanges such as Uphold, Bitso, MoonPay, Archax, and CoinMENA.
In the coming weeks, the stablecoin will be available on platforms such as Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and Zero Hash. The crypto firm mentioned that each RLUSD token is fully backed by US dollar deposits, US government bonds, and cash equivalents to ensure stability, reliability, and liquidity.
For Transparency purposes, Ripple announced that it would publish monthly third-party attestations of RLUSD’s reserve assets carried out by an independent auditing firm. However, amid this launch announcement, Ripple CTO David Schwartz raised the possibility of the stablecoin’s not being pegged to the dollar due to supply shortage.
Commenting on the RLUSD launch, Ripple CEO Brad Garlinghouse said,
“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. As the US moves toward clearer regulations, we expect to see greater adoption of stablecoins like RLUSD, which offer real utility and are backed by years of trust and expertise in the industry.”
Ripple Eyes Global Reach For Stablecoin
The crypto firm announced that key RLUSD partners include leading global exchanges, market makers, and payment providers. This will drive adoption and usage across the Americas, Asia-Pacific, UK, and Middle East regions.
Furthermore, Ripple announced that starting early next year, it would use RLUSD to facilitate global payments for its enterprise customers. The stablecoin will be available on the XRP Ledger (XRPL) and Ethereum blockchains as Ripple looks to expand its use case cases.
To ensure that the stablecoin leads the way, Ripple will add 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, to the RLUSD advisory board. They will join existing board members to provide “strategic guidance on regulatory, financial, and operational aspects to support RLUSD’s stability and growth.”
Meanwhile, it is worth noting that the RLUSD launch could provide some bullish momentum for the XRP price. Specifically, the stablecoin will inject more liquidity into the XRP ecosystem, which could spark a price rally.
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Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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