invezz.com
15 October 2024 11:52, UTC
Ripple has revealed the first crypto exchange and ecosystem partners for its stablecoin Ripple USD (RLUSD) ahead of its launch.
The blockchain infrastructure and payments provider named the RLUSD partners during an announcement at Ripple Swell in Miami on Oct. 15.
According to a press release, Ripple’s highly anticipated public launch of the new stablecoin will see it establish initial support with crypto exchanges Uphold, Bitstamp, CoinMENA, and Bitso.
The company has also sealed deals with MoonPay, Independent Reserve, and Bullish, with the exchanges set to handle RLUSD distribution when it goes live.
Meanwhile, Ripple is partnering with several market makers for liquidity support, including B2C2 and Keyrock.
Today at #RippleSwell, we’re proud to announce our Ripple USD exchange partners. Upon regulatory approval, $RLUSD will be globally available for institutions and users from @UpholdInc, @BitStamp, @Bitso, @Moonpay, @Indereserve, @CoinMENA, and @Bullish. ripple.com/ripple-press/r…
Ripple announced plans for its RLUSD earlier this year, outlining the stablecoin’s native issuance on the XRP Ledger and the Ethereum (ETH) network.
The new stablecoin’s reserves include short-term US Treasuries, USD deposits, and cash equivalents.
With stablecoins a cog in the growing cross-border payments and transfers market, it’s likely Ripple’s traction in the ecosystem will prove a major advantage. Ripple CEO Brad Garlinghouse said:
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.
Also key to RLUSD’s launch is its role in the company’s tokenization push. Bringing real-world assets on-chain is currently one of the fastest-growing sectors of the blockchain and crypto ecosystem.
This comes as mainstream providers such as BlackRock offer access to tokenized US Treasuries, which rwa.xyz data shows is currently a $2.2 billion market.
Ripple plans to use its stablecoin to not only bridge RWAs on-chain with securities, bonds, and real estate but also provide a reliable on and offramp for the ecosystem.
A landmark legal victory against the US Securities and Exchange Commission in July 2023 saw a court declare XRP, a cryptocurrency by Ripple, not a security.
While the SEC has filed a notice of appeal about the case filed in December 2020, Ripple shot back with a cross-appeal.
This news development has however not diminished the spotlight on the company’s upcoming launch of a US dollar-pegged stablecoin.
Notably, Ripple is entering a market dominated by Tether and Circle, the issuers of the world’s two largest stablecoins by market cap USDT and USDC. PayPal also launched its stablecoin PYUSD.
RLUSD is currently “operationally ready,” according to Ripple Labs president Monica Long. However, public rollout awaits a regulatory nod from the New York Department of Financial Services.
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