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Ripple president Monica Long has shared a Ripple post about its important recent milestone, along with the details of RLUSD's future usage. This took place as the San Francisco-based blockchain decacorn started its annual Ripple Swell event.
RLUSD to be used alongside XRP: Ripple president
In her X post, the Ripple president shared details of how the future stablecoin Ripple USD (RLUSD) is going to be used and what the expectations of Ripple’s customers and partners are toward the new product.
According to Monica Long, RLUSD has been designed for financial use cases, including payments, DeFi and tokenization. She underscored that the new stablecoin will be used alongside the major coin affiliated with Ripple – XRP. Together, they will help “enable faster, more reliable, and cost-effective cross-border payments.” Ripple’s payment solution now covers more than 90 countries. It has already conducted more than 37 million transactions worth nearly $70 billion.
An article published by Ripple on this account mentions that RLUSD will also be utilized for helping users convert fiat into crypto and vice versa without worries about possible price volatility and ensuring efficient on- and off-ramps.
Long added that RLUSD was also designed as an enterprise-grade solution since Ripple partners and customers have wanted that.
Incredibly proud to share this milestone on stage at #RippleSwell – RLUSD is designed for financial use cases, such as payments, tokenization, and DeFi. We will use RLUSD, alongside XRP, in our payments solutions to enable faster, more reliable, and cost-effective cross-border… https://t.co/llAh13JW0K
— Monica Long (@MonicaLongSF) October 15, 2024
Ripple reveals RLUSD exchange partners
At the above-mentioned Swell event, the Ripple giant also revealed that it received regulatory approval for launching RLUSD and named crypto exchanges that have partnered with it to help conduct payments in the soon-to-be-released U.S. dollar-pegged stablecoin.
According to the tweet, those crypto trading platforms are Bitstamp, Bitso, Moonpay, Bullish, MoonPay, Uphold, CoinMENA, etc. Some of them, such as Bitstamp and the Latin America-based crypto unicorn Bitso, already collaborate with Ripple, helping it facilitate Ripple Payments (formerly known as On-Demand Liquidity [ODL]).
Today at #RippleSwell, we’re proud to announce our Ripple USD exchange partners.
— Ripple (@Ripple) October 15, 2024
Upon regulatory approval, $RLUSD will be globally available for institutions and users from @UpholdInc, @BitStamp, @Bitso, @Moonpay, @Indereserve, @CoinMENA, and @Bullish. https://t.co/iZ7L1MHpn3
Meanwhile, in the run-up to the launch, Ripple Treasury has minted 27 million RLUSD in two batches of 18,000,000 RLUSD and 9,000,000 RLUSD. This is the largest amount of stablecoins minted since the launch of the private beta at the start of August.
According to Ripple, RLUSD is "operationally ready" to be rolled out already.