On December 17, 2024, Ripple announced the launch of its stablecoin Ripple Dollar (RLUSD), marking a significant milestone in the expansion of the company's services within the cryptocurrency space.
RLUSD Available on Exchanges
RLUSD is now available on major global exchanges such as Uphold, Bitso, MoonPay, Archax, and CoinMENA. Plans for additional listings on platforms like Bitstamp, Bullish, Mercado Bitcoin, and Independent Reserve are anticipated in the coming weeks. Ripple assures that each RLUSD token is fully backed by U.S. dollar deposits, government bonds, and liquid cash equivalents. To maintain trust and transparency, the company will publish monthly attestations of RLUSD’s reserves audited by an independent firm.
Design for Global Use
According to Ripple CEO Brad Garlinghouse, RLUSD is designed with trust, compliance, and utility in mind. The stablecoin is launched under the New York Department of Financial Services (NYDFS) limited-purpose trust company charter. As U.S. government regulations for digital assets become clearer, Ripple anticipates RLUSD's adoption to grow, offering real utility to users worldwide. Early next year, Ripple Payments will integrate RLUSD into its global payment system, expected to increase efficiency, reduce costs, and streamline settlement processes for the company's clients.
Bridging Fiat and Crypto
One of the key advantages of RLUSD is its ability to bridge traditional fiat currencies with the world of cryptocurrencies. The stablecoin is designed to facilitate seamless on-ramping and off-ramping between traditional finance and digital assets. This is especially beneficial for enterprises and financial institutions looking to access cryptocurrency without the volatility risks. Ripple also sees RLUSD as a solution to liquidity challenges in remittance and treasury operations.
In the future, Ripple plans to extend RLUSD's use in real-world applications, serving as collateral for tokenized assets. Ripple's global payment provider network is expected to aid RLUSD adoption across regions including the Americas, Asia-Pacific, Europe, and the Middle East.
