Ripple RLUSD Stablecoin Is Live on XRP Ledger and Ethereum
Highlights
- Ripple officially launched the RLUSD stablecoin on December 17.
- The stablecoin will be available on Uphold, Bitso, MoonPay, Archax, and CoinMENA from tomorrow.
- RLUSD will also be available on Bullish, Bitstamp, Mercado Bitcoin, and Zero Hash in the coming weeks.
Ripple USD (RLUSD) stablecoin is now live on XRP Ledger and the Ethereum network. The crypto payments firm to boost the adoption of RLUSD with partner crypto exchanges after a successful launch. Meanwhile, trust lines for the stablecoins continue to rise, expanding the network.
Meanwhile, lawyer Bill Morgan addressed concerns as the US SEC once labeled RLUSD as ‘unregistered’ digital asset in the Ripple lawsuit.
Ripple Launches RLUSD Stablecoin Today
In a press release, Ripple announced that the Ripple USD (RLUSD) will launch on Tuesday, December 17. The stablecoin will be available on global exchanges such as Uphold, Bitso, MoonPay, Archax, and CoinMENA.
In the coming weeks, the stablecoin will be available on platforms such as Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and Zero Hash. The crypto firm mentioned that it is fully backed by US dollar deposits, US government bonds, and cash equivalents to ensure stability, reliability, and liquidity.
For Transparency purposes, the company announced that it would publish monthly third-party attestations of Ripple USD’s reserve assets carried out by an independent auditing firm. However, amid this launch announcement, CTO David Schwartz raised the possibility of the stablecoin’s not being pegged to the dollar due to supply shortage.
Commenting on the RLUSD launch, CEO Brad Garlinghouse said,
“Early on, Ripple made a deliberate choice to launch our stablecoin under the NYDFS limited purpose trust company charter, widely regarded as the premier regulatory standard worldwide. As the US moves toward clearer regulations, we expect to see greater adoption of stablecoins like RLUSD, which offer real utility and are backed by years of trust and expertise in the industry.”
Stablecoin Launch Will Benefit XRP
The crypto firm announced that key RLUSD partners include leading global exchanges, market makers, and payment providers. This will drive adoption and usage across the Americas, Asia-Pacific, UK, and Middle East regions.
Furthermore, the company announced that starting early next year, it would use RLUSD to facilitate global payments for its enterprise customers. The stablecoin will be available on the XRP Ledger (XRPL) and Ethereum blockchains as the firm looks to expand its use case cases.
To ensure that the stablecoin leads the way, Ripple will add Raghuram Rajan, former Governor of the Reserve Bank of India, and Kenneth Montgomery, former First Vice President and Chief Operating Officer of the Federal Reserve Bank of Boston, to the RLUSD advisory board. They will join existing board members to provide “strategic guidance on regulatory, financial, and operational aspects to support stablecoin’s stability and growth.”
Notably, the trust lines for the stablecoin going live every second and expanding the network. This signals the ecosystem will see massive adoption and demand.
Meanwhile, it is worth noting that the RLUSD launch could provide some bullish momentum for the XRP price. Specifically, the stablecoin will inject more liquidity into the XRP ecosystem, which could spark a price rally.
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