Hassan Maishera
TL;DR
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Ripple is set to roll out its RLUSD stablecoin today, December 17th.
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The stablecoin is pegged to the U.S. Dollar and has already received approval from the New York Department of Financial Services.
Ripple’s RLUSD to Launch Today
Ripple, an enterprise-focused blockchain service closely related to the XRP Ledger (XRP), announced that it will roll out its RLUSD stablecoin to its users starting today, December 17th.
This latest development comes after Ripple’s RLUSD stablecoin obtained approval from the New York State Department of Financial Services last week.
The stablecoin will initially be listed on several crypto exchanges and platforms, including Uphold, MoonPay, Archax, and CoinMENA. Ripple is also eyeing listings on other exchanges such as Bitso, Bullish, Bitstamp, Mercado Bitcoin, Zero Hash, and Independent Reserve in the coming weeks.
🚨BREAKING: @Ripple’s stablecoin $RLUSD will go live on Tuesday, December 17th.
— Eleanor Terrett (@EleanorTerrett) December 16, 2024
📌$RLUSD will initially be available on @UpholdInc, @moonpay, @ArchaxEx and @CoinMENA, with additional listings on platforms such as @Bitso, @Bullish, @Bitstamp and others in the coming weeks.…
In addition to the RLUSD rollout, Ripple also announced that it has added two new members to its stablecoin advisory board: Raghuram Rajan, former governor of the Reserve Bank of India, and Kenneth Montgomery, former first vice president and COO of the Federal Reserve Bank of Boston.
The duo joined other members, including Sheila Bair, former chair of FDIC, and Chris Larsen, co-founder and executive chairman and co-founder of Ripple. The RLUSD stablecoin is fully backed by U.S. dollar deposits, U.S. government bonds, and cash equivalents.
RLUSD will be competing with leading stablecoins USDT and USDC. Tether’s USDT is the leading stablecoin in the world, with a market cap of $140 billion. Meanwhile, Circle’s USDC takes second place with a $42 billion market cap.
While commenting on this launch, Ripple CEO Brad Garlinghouse said,
“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. As the U.S. 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."
The stablecoin will initially be available to users in the Americas, Asia-Pacific, UK, and Middle East regions. Jack McDonald, senior vice president of stablecoin at Ripple, told CoinDesk in an interview that RLUSD won’t be accessible in the E.U. as the company doesn’t hold the necessary license under the bloc's MiCAR regulations. However, he added that Ripple is actively working to enter the E.U. market.
