Ripple announced the launch of its stablecoin Ripple Dollar (RLUSD), aiming to expand its services in the crypto space.
RLUSD Available on Multiple Exchanges
RLUSD is now available on major global exchanges, such as Uphold, Bitso, MoonPay, Archax, and CoinMENA. Ripple plans to broaden listings with platforms like Bitstamp, Bullish, Mercado Bitcoin, and Independent Reserve. The firm assures full backing of each RLUSD with U.S. dollar deposits, government bonds, and liquid cash equivalents. For trust and transparency, Ripple will publish monthly attestations by an independent auditing firm regarding RLUSD’s reserves.
Designed for Global Use
According to Ripple CEO Brad Garlinghouse, RLUSD embodies trust, compliance, and utility. The stablecoin is launched under the New York Department of Financial Services' limited-purpose trust company charter. With evolving U.S. regulations on digital assets, Ripple expects RLUSD's use to grow, providing real utility to worldwide users.
Bridging Fiat and Crypto
A key feature of RLUSD is its ability to bridge traditional fiat currencies with the cryptocurrency world. The stablecoin facilitates smooth transitions between traditional finance and the digital asset ecosystem. Ripple sees RLUSD as a solution for liquidity challenges faced by remittance and treasury operations. Future integration will position RLUSD as collateral for tokenized assets like commodities and securities.
The launch of RLUSD marks a significant step for Ripple in integrating fiat and digital financial systems, potentially transforming the landscape of global remittances and financial transactions.
