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Ripple Labs Inc. has made another huge push toward the launch of its much-anticipated dollar-dominated stablecoin, RLUSD. In a recent announcement during the Ripple Swell event in Miami, Florida, the blockchain firm named exchange and market maker partners for the upcoming stablecoin.
Ripple Announces Exchange Partners For RLUSD
Speculation over the launch date for Ripple’s stablecoin has increased after the firm shared the latest update.
According to Ripple, RLUSD will be available for users on global trading platforms like Uphold, MoonPay, Independent Reserve, CoinMENA, Bitstamp, Bitso, and Bullish, while crypto trading firms Keyrock and B2C2 will act as market makers for the token.
Ripple is currently waiting for regulatory approval from the New York Department of Financial Services (NYDFS) before rolling out RLUSD to the public.
In addition to the exchange partners, Ripple announced its inclusion in the RLUSD Advisory Board. The advisory board includes former United States Federal Deposit Insurance Corporation (FDIC) Chair Sheila Bair and Ripple Chairman Chris Larsen.
Ripple Poised To Make Splash In Stablecoin Sphere
In April, Ripple unveiled plans to issue its own stablecoin, competing for a piece of the crowded $160 billion stablecoin market.
According to Ripple Labs, the stablecoin will be overcollateralized, meaning the value of RLUSD is backed 1:1 by US dollar reserves, short-term U.S. government treasuries, and cash equivalents.
The beta tests for RLUSD commenced in early August following the decision from Judge Analisa Torres imposing a $125-million fine on Ripple in a protracted case with the US Securities and Exchange Commission (SEC), which was first lodged in late 2020. Ripple has so far minted and burned millions of new assets on both the XRP Ledger and Ethereum blockchain.
According to Ripple boss Brad Garlinghouse, with the initial exchange partners, evident utility, high demand for RLUSD, and a keen focus on regulatory compliance, the new stablecoin is set to become the “gold standard for enterprise-grade stablecoins”.
“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,” Garlinghouse said in the Oct. 15 statement.
Garlinghouse added that Ripple’s payment solution will leverage RLUSD and XRP, the seventh-biggest digital coin by market cap, to enable faster and cheaper international transactions.