Ripple President Highlights Plans to Use XRP Alongside RLUSD in Payment Network

Ripple confirms its commitment to utilizing both XRP and its new stablecoin, RLUSD, in its payment solution. Ripple President Monica Long reassured the public of this strategy, addressing concerns about the potential sidelining of XRP. Long made this announcement during the first day of Ripple’s annual conference, Ripple Swell, where RLUSD’s initial exchange partners were also revealed.

RLUSD’s Exchange Partners Announced

During the event, Long introduced the first set of exchanges that will support RLUSD. These include Bitstamp, Independent Reserve, Bitso, MoonPay, CoinMENA, Bullish, and Uphold. However, the stablecoin will only be available on these platforms once the New York Department of Financial Services (NYDFS) grants regulatory approval.

Ripple also shared the update on X, sparking reactions from crypto industry leaders. Long confirmed on stage that the stable coin is primarily designed for financial applications such as tokenization, payments, and decentralized finance (DeFi). She also emphasized that it was created in response to demand for a stablecoin suited for enterprise use.

No Replacement for XRP

Long addressed rumors within the XRP community about RLUSD potentially replacing XRP in Ripple’s payment solution. This speculation has grown since the stablecoin was introduced earlier this year, especially amid Ripple’s ongoing legal battle with the SEC. However, she clarified that Ripple will continue using both XRP and RLUSD, ensuring faster, reliable, and cost-effective cross-border transactions.

Related article: Ripple Pushes RLUSD Minting to $47.4M: Stablecoin Set for Market Debut

Clients will have the option to choose between the two tokens for payments. Additionally, Ripple CTO David Schwartz echoed these statements, confirming that RLUSD will not replace XRP. He noted that XRP remains essential for paying transaction fees on the XRP Ledger (XRPL), a function no other token, including RLUSD, can fulfill.

Stablecoin Nears Launch

RLUSD, still in beta testing on XRPL and Ethereum, is preparing for its mainnet launch. Although Ripple has yet to confirm a launch date, RLUSD already has a supply of $47.4 million, with $34.8 million issued on XRPL and $12.6 million minted on Ethereum.

The token’s main obstacle to going live is awaiting NYDFS approval. Once approved, RLUSD will be available on the announced exchanges for public use.