Ripple’s stablecoin RLUSD, which has received approval from the New York State Department of Financial Services (NYDFS), will officially be listed on global exchanges starting December 17, 2024.
High Standards of RLUSD Stablecoin
To demonstrate the high standards of RLUSD, Ripple CEO Brad Garlinghouse stated: “Ripple deliberately chose to launch our stablecoin under the NYDFS limited purpose trust company charter, which is widely regarded as the leading regulatory standard globally.”
Former Reserve Bank of India (RBI) Governor Raghuram Rajan and former Vice President and COO of the Federal Reserve Bank of Boston Kenneth Montgomery will also join the RLUSD advisory board, providing strategic guidance in regulatory, financial, and operational aspects to support the stability and growth of RLUSD.
Montgomery stated:
“Stablecoins are rapidly emerging as a cornerstone in the payments space, providing speed, efficiency, and cost-effectiveness that traditional systems often struggle to achieve. I look forward to working with the Ripple team to support the global development and adoption of RLUSD, bringing new opportunities for financial inclusion and the future of modern payments.”
Global Ecosystem Expanding Through Payments
Ripple’s core business revolves around its decentralized global payment network, RippleNet, leveraging blockchain technology to provide faster, cheaper, and more efficient cross-border payment solutions for banks and enterprises. It is promoted as an alternative to the global banking settlement system SWIFT. The announcement also noted that RLUSD can be utilized on both the XRP Ledger and the Ethereum blockchain, making it well-suited for financial use cases and allowing institutions to:
– Facilitate instant settlement of cross-border payments
– Obtain liquidity for remittances and treasury operations
– Seamlessly integrate with decentralized finance (DeFi) protocols
– Establish a reliable bridge between traditional fiat currencies and the cryptocurrency ecosystem
– Provide collateral for trading tokenized real-world assets such as on-chain goods, securities, and government bonds
Ripple claims that its payment volume has reached $70 billion, covering nearly the entire globe and over 90 payment markets.
The first exchanges to list RLUSD include Uphold, Bitso, MoonPay, Archax, and CoinMENA. In the coming weeks, it will also be listed on platforms such as Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and Zero Hash.
Risk Warning
Investing in cryptocurrencies carries a high level of risk, and their prices can be highly volatile, potentially resulting in the loss of your entire principal. Please carefully evaluate the risks.