Ripple Announces Launch Of Globally Tradeable USD-denominated Stablecoins

Ripple USD (RLUSD) will be available on global exchanges starting Tuesday, December 17, the company said.

RLUSD will be initially available on Uphold, MoonPay, Archax, and CoinMENA.

Additional listings on platforms such as Bitso, Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, Zero Hash and others are expected in the coming weeks, the company said.

Each RLUSD token is fully backed by US dollar deposits, US government bonds, and cash equivalents – designed to ensure its stability, reliability, and liquidity, the company said in a media release.

Ripple said it will also publish monthly, third-party attestations of RLUSD’s reserve assets, conducted by an independent auditing firm in order to maintain the highest standards of transparency. 

“Early on, Ripple made a deliberate choice to launch our stablecoin under the NYDFS limited purpose trust company charter, widely regarded as the premier regulatory standard worldwide,” said Brad Garlinghouse, CEO of Ripple.

“As the US moves toward clearer regulations, we expect to see greater adoption of stablecoins like RLUSD, which offer real utility and are backed by years of trust and expertise in the industry,” he added.

The company said key RLUSD partners include leading global exchanges, market makers, and payment providers, which will drive adoption and usage across the Americas, Middle East, Asia-Pacific and the UK regions.

RLUSD is ideal for financial use cases and allows institutions to facilitate instant settlement of cross-border payments and access liquidity for remittance and treasury operations, among other transactions, the company said.

The company also said early next year, Ripple Payments will use RLUSD to facilitate global payments on behalf of its enterprise customers.

Ripple expands advisory board with Rajan, Montgomery

Ripple also said Raghuram Rajan, former Governor of the Reserve Bank of India, and Kenneth Montgomery, former First Vice President and Chief Operating Officer of the Federal Reserve Bank of Boston, will join the RLUSD advisory board to provide strategic guidance on regulatory, financial, and operational aspects to support RLUSD’s stability and growth.

Rajan and Montgomery join the ranks of the existing advisory board, including former Federal Deposit Insurance Corporation (FDIC) Chair Sheila Bair, Vice Chairman of Partners Capital and former CENTRE Consortium CEO David Puth, and Ripple co-founder and Executive Chairman Chris Larsen.

“Stablecoins could become the backbone of private payments by offering a secure, scalable, and efficient alternative to traditional systems.

“With its focus on compliance and reliability, RLUSD aims to establish new standards for trust and to play a pivotal role in shaping the future of payments,” said Raghuram Rajan.

“I am excited to join Ripple’s advisory board at such a pivotal moment for digital finance,” said Kenneth Montgomery.

Ripple said RLUSD sets the standard for stablecoins, combining innovative functionality with the regulatory rigour and credibility of an NYDFS-issued New York limited-purpose trust company.