Ripple to Launch $RLUSD Stablecoin on December 17

Blockchain-based technology company Ripple is set to launch its stablecoin, RLUSD, today following approval from the New York Department of Financial Services (NYDFS) last week. The move aligns with the company’s broader objective to establish itself as a leading network for global payments.

🚨BREAKING: @Ripple’s stablecoin $RLUSD will go live on Tuesday, December 17th.

📌$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.…

— Eleanor Terrett (@EleanorTerrett) December 16, 2024

RLUSD is backed 1:1 by the U.S. dollar (USD), ensuring that each token issued is supported by an equivalent amount in dollar reserves. Ripple plans to make the stablecoin available on platforms like Uphold, Bitso, MoonPay, Archax, and CoinMENA, with additional exchanges to follow later.

RLUSD will be launched on Ripple’s XRP Ledger and Ethereum and issued under a New York Trust Company Charter. Ripple describes it as a “reliable, compliant, and liquid USD-backed stablecoin designed for developers and users.

Integrating RLUSD Into Banking and Payments

Ripple plans to integrate RLUSD into the traditional banking system, with its Ripple Payments division set to adopt the stablecoin for cross-border transactions starting next year. By positioning RLUSD as a stable, regulatory-compliant digital asset, Ripple aims to attract institutional partners seeking innovative financial solutions.

Jack McDonald, Ripple’s senior vice president for stablecoins, highlighted RLUSD’s regulatory approval as a key advantage. He noted that it offers a reliable option for investors cautious about the volatility of other cryptocurrencies. He emphasized that the company prioritizes utility while ensuring regulatory compliance, highlighting its commitment to delivering practical and trusted financial solutions.

Expanding on the appeal of stablecoins, McDonald described them as a blend of traditional currency stability and digital asset innovation. He noted that they behave much like the USD but avoid the sharp price swings typical of most cryptocurrencies, making them an attractive option for a wide range of users.

Ripple Expands Advisory Board

To strengthen its expertise, Ripple is adding two new members to its advisory board; Raghuram Rajan, former Reserve Bank of India Governor, and Kenneth Montgomery, former First Vice President of the Federal Reserve Bank of Boston. They will join an existing team that includes Sheila Bair, former FDIC Chair; David Puth, Vice Chairman of Partners Capital; and Chris Larson, Ripple’s co-founder and Executive Chairman.