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Ripple reassures the public of its commitment to utilizing XRP alongside its stablecoin RLUSD within its payment solution.
Ripple’s President Monica Long made the assertion yesterday while reacting to the unveiling of RLUSD’s initial exchange partners.
RLUSD Exchange Partners
On the first day of Ripple’s annual conference, Ripple Swell, Long disclosed the exchange partners for its highly anticipated stablecoin.
According to her, RLUSD will be available on Bitstamp, Independent Reserve, Bitso, MoonPay, CoinMENA, Bullish, and Uphold once the New York Department of Financial Service (NYDFS) approves the stablecoin’s launch.
Ripple Stablecoin Key Features
Notably, Ripple also shared the development on X, triggering reactions among top crypto stakeholders, including Long. The Ripple president confirmed that she announced RLUSD’s exchange partners on stage at the company’s annual conference.
Per Long, the stablecoin is designed for financial applications such as tokenization, payments, and decentralized finance (DeFi). Additionally, she suggested that RLUSD was introduced in response to requests for enterprise-grade stablecoin.
She said RLUSD will deliver an enterprise-grade stablecoin to Ripple’s partners and customers.
XRP and RLUSD Will Be Used in Ripple Payments Solution
Meanwhile, she addressed concerns within the XRP community regarding Ripple’s plan to replace XRP with RLUSD. These concerns have gained momentum since Ripple introduced the stablecoin earlier this year.
Some XRP enthusiasts speculate that RLUSD might sideline XRP in Ripple’s payments solution, especially as the latter is currently involved in a heated lawsuit between the SEC and Ripple.
However, Long reassured the community that Ripple will use both XRP and RLUSD in its payment solution to enable more reliable, faster, and cost-effective cross-border settlements.
With Ripple planning to use RLUSD and XRP together, its clients can use any of the tokens for cross-border payments.
Ripple CTO Echoes Similar Sentiment
It is worth mentioning that Ripple’s CTO, David Schwartz, also acknowledged that Ripple USD will not replace XRP. According to him, only XRP can be used to pay transaction fees on the XRP Ledger (XRPL), a function that cannot be replaced by any other tokens, including RLUSD.
Furthermore, the Ripple CTO highlighted certain features that make XRP unique from other assets. These include the fact that XRP cannot be frozen on XRPL, carries no counterparty risks, and has no jurisdictional limitations.
RLUSD Recent Updates
Meanwhile, RLUSD, currently in closed beta testing on XRPL and Ethereum, is gearing up for its mainnet launch. Although Ripple has not officially revealed RLUSD’s mainnet launch date, the company has been preparing to roll out the token for public use.
As of October 14, RLUSD boasts a total supply of $47.4 million. $34.8 million of the supply was issued on XRPL, while the remaining $12.6 million was minted on Ethereum.
Yesterday, Ripple announced an advisory board for the stablecoin. The committee features top financial players like Ripple’s co-founder Chris Larsen, former FDIC Chair Sheila Bair, and former JPMorgan executive David Ruth.
Currently, the major factor preventing the stablecoin from going live on the mainnet is the regulatory approval from NYDFS. The financial regulator is still reviewing the token to ascertain whether it meets certain regulatory requirements.
If approved, RLUSD will be available to Bitstamp, Uphold, Independent Reserve, CoinMENA, MoonPay, and Bullish users.