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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.