u.today
Ripple CEO Brad Garlighouse has spoken out about the imminent launch of the company's own stablecoin, as Ripple USD, or RLUSD, approaches its long-awaited launch. Responding to the announcement of exchange partners for the digital asset pegged to the dollar, Garlinghouse made a bold statement that RLUSD will become the gold standard for enterprise-grade stablecoins.
Built on trust, liquidity and compliance, RLUSD has been nearly a year in the making, the Ripple CEO said, and as its launch nears, it has trusted exchange partners, market makers and an advisory board.
To ensure reliability, RLUSD is backed by short-term U.S. Treasury bonds, dollar deposits and cash equivalents. In addition, the company will issue an independent report on its reserves every month, compiled by San Francisco-based accounting firm BPM.
Kicking off Ripple Swell with a bang!
— Brad Garlinghouse (@bgarlinghouse) October 16, 2024
RLUSD has been nearly a year in the making, and with our trusted exchange partners, market makers, and advisory board, RLUSD is set to become the gold standard for enterprise-grade stablecoins—built on trust, liquidity, and compliance. https://t.co/fLPglsjkfI
According to Monica Long, the company is now operationally ready for the launch of the RLUSD. The last few days have seen massive transfers of millions of dollars into the stablecoin, as it is currently being tested on the XRP Ledger and Ethereum networks.
However, there is still something to wait for as the New York Department of Financial Services has yet to approve the public launch of Ripple USD. From the very first announcement, it was made clear that the launch of the stablecoin would take place this year at the latest, so perhaps a green light from the NYDFS is not far away.
Optimism also comes from the words of Garlinghouse, who said in Korea last month that Ripple USD could launch in "weeks, not months."