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Ripple has announced the launch of its stablecoin, RLUSD, revealing which exchanges will support the USD-denominated token.
Uphold, Bistamp, MoonPay, Independent Reserve, CoinMENA, and Bullish will all offer RLUSD, while leading market makers including B2C2 and Keyrock will support the liquidity of RLUSD.
“With our initial exchange partners, the clear utility and demand for RLUSD, and a strong focus on regulatory compliance, Ripple’s stablecoin is poised to become the gold standard for enterprise-grade stablecoins," said Brad Garlinghouse, Ripple CEO.
"Customers and partners have been asking for high-quality stablecoins like RLUSD to use across various financial use cases, such as payments, tokenization of real-world assets, and decentralized finance. Our payment solutions will leverage RLUSD, XRP, and other digital assets to enable faster, more reliable, and cost-effective cross-border payments."
Announced in April, RLUSD is 100% backed by USD deposits, short-term US government treasuries, and other cash equivalents.
Perion Lim
Ripple promises its stablecoin will be enterprise-grade and compliance-first. RLUSD will join the growing list of USD-backed stablecoins with the stablecoin market expected to grow to over $2.8 trillion by 2028. Both XRP, Ripple's native token, and RLUSD will be used in its cross-border payment solutions
The testnet announcement of RLUSD came after Ripple was fined $125 million in a lawsuit by the United States Securities and Exchange Commission (SEC). Initially, the regulator sought $1 billion in disgorgement and prejudgment interest and $900 million in civil penalty.
Blockhead
An advisory board, including former FDIC Chair Sheila Bair, will oversee the responsible introduction of RLUSD. A New York Trust Company Charter will oversee the issuing of the stablecoin.
"The demand for stablecoins has surged with their proven use case in various financial applications. As a long-standing partner of Ripple, Independent Reserve is excited to be one of the first crypto exchanges to bring RLUSD to our customers across APAC," said Adrian Przelozny, Group CEO of Independent Reserve.
"This milestone underscores the strong trust and collaboration we've built over the years, and our shared commitment to transforming financial services."
