Ripple’s dollar stablecoin, RLUSD, officially launches today, December 17, marking a major entry for the company into what could become a $2.8 trillion market in the near future. Ripple President Monica Long described the launch as a milestone for both Ripple and XRP Ledger, as the stablecoin will play a key role in Ripple’s payments ecosystem.
RLUSD builds on Ripple’s experience in the payments industry, where the company handles more than $70 billion in flows annually, Long said. He noted that RLUSD is credible, useful and compliant, and is focused on meeting the growing demand for stable digital assets.
This launch, backed by regulatory approval and an experienced advisory board, shows that Ripple is committed to offering a stable and reliable product from day one, which is the most important part in an environment like the stablecoin market.
The launch of RLUSD marks a new chapter for both XRP Ledger and @Ripple for use in our $70+ billion payment flows. Combining our 10+ years in business; the rigor and compliance required with the issuance of stablecoins by a @NYDFS authorized company; and an experienced advisor…
— Monica Long (@MonicaLongSF) December 16, 2024
Ripple has made it clear that each RLUSD token is fully backed by US dollar deposits, US government bonds, and cash equivalents. This support is designed to ensure reliability, stability and liquidity. To make things even more transparent, Ripple will provide monthly certifications of the stablecoin’s reserves through independent third-party audits.
RLUSD will be available on several different platforms when it launches, including Uphold, Bitso, MoonPay, Archax, and CoinMENA. We will be adding more listings in the coming weeks on platforms such as Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve and Zero Hash, giving users even more access.
Ripple USD is licensed by the New York Department of Financial Services (NYDFS), which means it must meet fairly strict standards. The stablecoin is part of Ripple’s plan to grow its product range and become a bigger player in the fintech space.
