Ripple has announced the global trading launch of its new stablecoin, Ripple USD (RLUSD). The project received official approval from the New York Department of Financial Services.
Launch of RLUSD and NYDFS Approval
The approval from the New York Department of Financial Services was granted on December 10, allowing RLUSD to enter both global financial and cryptocurrency markets. Moreover, an advisory board for RLUSD has been formed, which includes notable experts such as a former Reserve Bank of India governor.
Plans for Global Expansion of RLUSD
Ripple aims for the global adoption of RLUSD by expanding its use across the Americas, Asia-Pacific, the U.K., and the Middle East through its partner network.
Integration with Financial Platforms
At launch, RLUSD will be available on major platforms like Uphold, MoonPay, Archax, and CoinMENA. In the coming weeks, it will also be listed on platforms such as Bitso, Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and Zero Hash. RLUSD will be integrated into Ripple's digital payment system in 2025.
The launch of the new RLUSD stablecoin has the potential to significantly impact cross-border payments and treasury remittances on a global scale. Backed by U.S. cash equivalents and bonds, RLUSD promises to be a major player in the stablecoin market in the coming years.
