Ripple CEO Brad Garlinghouse shared important insights about the launch of the company's new stablecoin, RLUSD. This digital asset, pegged to the U.S. dollar, aims to set a standard in the stablecoin industry.
Key Details about RLUSD
RLUSD has been under development for nearly a year. Garlinghouse emphasized that its foundation is based on trust, liquidity, and regulatory compliance. It is backed by a mix of short-term U.S. Treasury bonds, dollar deposits, and cash equivalents.
We aim to make RLUSD a standard for stablecoins in the industry, particularly in enterprise applications.Brad Garlinghouse
Launch Preparations
The company is working with trusted exchange partners and market makers to ensure a successful launch. A critical part of this process will be the publication of monthly reserve reports, which will be independently audited by the BPM accounting firm.
Awaiting Regulatory Approval
Despite preparations, RLUSD is still awaiting approval from the New York Department of Financial Services (NYDFS). Ripple remains optimistic about receiving the approval soon, and the stablecoin could go public within weeks.
Aiming for institutional use, RLUSD could play a significant role in shaping the stablecoin market by offering a reliable and compliant alternative.