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Blockchain firm Ripple has unveiled the platforms where its new stablecoin, RLUSD, will be available, aiming to penetrate a market largely dominated by Tether and Circle.
Digital asset firm Ripple (XRP) has officially launched its U.S. dollar-pegged stablecoin in an effort to disrupt a market currently led by two major stablecoin issuers.
According to a Reuters report on Oct. 15, the RLUSD stablecoin will be accessible on both the XRP Ledger and Ethereum networks, as well as on several centralized trading platforms, including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish.
Each RLUSD token is designed to maintain a 1:1 value with the U.S. dollar, fully backed by U.S. dollar deposits, U.S. government bonds, and cash equivalents, the report states.
Ripple to challenge stablecoin market with transparency
In a bid for transparency and regulatory compliance, Ripple has committed to monthly attestations and audits by a third-party accounting firm, though details on the auditing partner have yet to be disclosed. The advisory board for RLUSD includes notable figures such as Sheila Bair, former chair of the Federal Deposit Insurance Corporation, Ripple co-founder Chris Larsen, and David Puth, ex-CEO of CENTRE Consortium.
As Ripple enters the competitive stablecoin arena, it faces the challenge of rivaling established players like Tether and Circle, the latter of which is preparing for an initial public offering while navigating new regulations in Europe.
Ripple’s entry into the stablecoin market comes a few months after the company’s chief executive, Brad Garlinghouse, projected that the stablecoin market, valued at approximately $150 billion, could potentially reach $3 trillion by 2030.