Ripple Unveils Partners for Stablecoin RLUSD, Awaits Regulatory Green Light in New York
Ripple has selected market makers and exchange partners for its upcoming stablecoin, RLUSD, which is waiting for approval from the New York Department of Financial Services.
MIAMI, U.S. – Ripple has partnered with various exchanges and market makers for the upcoming RLUSD, a stablecoin pegged to the dollar, announced during the Ripple Swell 2024 conference in Miami, Florida. The company has added notable figures, including Sheila Bair, the former chair of the Federal Deposit Insurance Corporation, and David Puth, ex-CEO of Centre, to its advisory board as it moves forward with the stablecoin's launch.
Ripple is recognized for its enterprise-focused blockchain solutions closely associated with the XRP Ledger. For this initiative, it has enlisted Bitstamp, Bitso, Bullish, CoinMENA, Independent Reserve, MoonPay, and Uphold for initial distribution of RLUSD. The trading firms Keyrock and B2C2 will act as market makers for the token. Bullish is the parent company of CoinDesk.
The company is currently awaiting regulatory approval from the New York Department of Financial Services for RLUSD's public release, with President Monica Long indicating the project is operationally ready.
This announcement follows Ripple's intention to enter the rapidly expanding $170 billion stablecoin market. Stablecoins are essential for bridging traditional fiat currencies and blockchain-based assets, gaining traction for use in cross-border payments, particularly in emerging markets.
Through RLUSD, Ripple aims to leverage its established payments infrastructure and become a significant player in the tokenization of real-world assets. As said by Long, For RLUSD and stablecoins in general, we have validated their utility for payments. We believe in the trend of real-world asset tokenization, which necessitates a dependable stablecoin.
The value of RLUSD will be anchored by short-term U.S. Treasuries, dollar deposits, and cash equivalents. It is currently being tested on the XRP Ledger and Ethereum platforms. Independent monthly attestation about reserves will be conducted by the San Francisco accounting firm BPM.
According to Brad Garlinghouse, RLUSD could be launched in weeks, not months, confirming the urgency behind this rollout.
