Ripple Names Exchange Partners For Its Upcoming Stablecoin

San Francisco-based blockchain payments firm Ripple has announced its exchange partners for the upcoming launch of its stablecoin, RLUSD.

This development comes two days after Ripple unveiled a series of enhanced features for its custody service, aimed at helping banks and fintech companies securely store digital assets for their clients.

Ripple’s Names Exchange Partners For Its Stablecoin

According to a press release, Ripple named Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish as its initial exchange and platform partners ahead of its US dollar-pegged stablecoin launch. Moreover, market makers B2C2 and Keyrock will support the stablecoin’s liquidity once it goes live.

With this collaboration, Ripple CEO Brad Garlinghouse stated that RLUSD is well-positioned to set a new standard for enterprise-grade stablecoins.

“Our payment solutions will leverage RLUSD and other digital assets to enable faster, more reliable, and cost-effective cross-border payments,” he said.

Garlinghouse previously revealed that the stablecoin’s launch is imminent. However, an official release date has not been confirmed.

According to Ripple, RLUSD is designed for enterprise use and will be integrated into its cross-border payments network. It aims to enable real-time global payments, bridge fiat, and crypto for on/off ramps, and support tokenizing real-world assets like commodities and securities.

The stablecoin will be launched on Ripple’s XRP Ledger and Ethereum and issued under a New York Trust Company Charter. Ripple described RLUSD as a compliant, liquid, and reliable USD stablecoin that caters to developers and users alike.

Advisory Board Update

Meanwhile, Ripple has also formed an RLUSD Advisory Board, which includes former FDIC Chair Sheila Bair, former CENTRE Consortium CEO and JPMorgan executive David Puth, and Ripple co-founder Chris Larsen. The board will help guide the stablecoin’s introduction to the crypto market.

Bair commented on the latest development, saying stablecoins are crucial to updating financial infrastructure and improving financial inclusion. She also pointed out the need for responsible innovation that ensures consumer protection and economic stability.