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Ripple has announced that its new USD-denominated stablecoin, RLUSD, will be available globally through strategic partnerships with major platforms, including Uphold, Bitstamp, Bitso, Moonpay, Independent Reserve, Coinmena, and Bullish. Fully backed by U.S. dollar reserves, government bonds, and cash equivalents, RLUSD is positioned to enhance financial solutions while ensuring transparency and stability.
Ripple Introduces RLUSD Stablecoin for Global Financial Use Cases
Ripple, a leading provider of digital asset infrastructure, announced on Tuesday the exchange partners and customers for its USD-denominated stablecoin, Ripple USD (RLUSD). The company introduced RLUSD as an enterprise-grade stablecoin that will be available globally through partnerships with major exchanges. The company detailed:
Through strategic partnerships, RLUSD will be available globally for institutions and users on major global exchanges and platforms, including Uphold, Bitstamp, Bitso, Moonpay, Independent Reserve, Coinmena, and Bullish.
Additionally, former Federal Deposit Insurance Corporation (FDIC) Chair Sheila Bair and former Centre Consortium CEO David Puth joined Ripple’s advisory board to oversee RLUSD’s rollout. The company further noted that leading market makers, such as B2C2 and Keyrock, will support the liquidity of RLUSD.
Ripple’s CEO, Brad Garlinghouse, emphasized the utility of RLUSD across various financial applications. “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.”
Underscoring the stability and transparency of RLUSD, Ripple noted:
Each RLUSD token is 100% backed by U.S. dollar deposits, U.S. government bonds, and cash equivalents. To ensure full transparency, Ripple will publish monthly, third-party audited attestations of reserve assets conducted by BPM.
Ripple’s global exchange partners have expressed confidence in RLUSD. Coinmena CEO Talal Tabbaa stated, “Stablecoins have proven to be the killer use case for crypto so far, providing users with a fast, secure, and reliable way to transact globally. By listing RLUSD, Coinmena is proud to offer our users access to a stablecoin issued by one of the most accomplished crypto companies in the world. With Ripple’s extensive experience working with both traditional finance and crypto companies, I’m confident that RLUSD will quickly rise to become one of the most popular stablecoins on the market.” RLUSD will also support decentralized finance and other enterprise use cases, with its integration into Ripple’s existing solutions expected to further enhance its adoption.
What do you think about Ripple’s move to launch a USD-denominated stablecoin and its potential impact on global finance? Let us know in the comments section below.