Ripple has announced its collaborations with various exchange partners for the launch of its new stablecoin, Ripple USD (RLUSD), as detailed in an official statement on October 15.
Global Availability of RLUSD
The release indicates that RLUSD will be accessible worldwide for both institution and individual users through prominent crypto trading platforms, including:
- Uphold
- Bitstamp
- Bitso
- MoonPay
- Independent Reserve
- CoinMENA
- Bullish
To enhance liquidity for RLUSD, Ripple has engaged leading market makers such as B2C2 and Keyrock.
Purpose and Use Cases of RLUSD
RLUSD aims to serve enterprise clients by combining the stability of fiat currencies with the efficiency of blockchain technology. Its primary applications include:
- Cross-border payments
- Fiat on/off ramps
- Tokenization of real-world assets
By launching RLUSD on both XRP Ledger (XRPL) and Ethereum, Ripple demonstrates its commitment to providing a secure and compliant stablecoin tailored for developers and users alike. Each RLUSD token is pegged 1:1 with the US dollar and is fully backed by dollar reserves, US government bonds, and cash equivalents.
Current Status and Supply of RLUSD
While still in the private beta phase, RLUSD has reportedly reached a supply of approximately $60 million, with around 33.75 million tokens available on the XRPL network and the remainder on Ethereum.
Comments from Ripple’s CEO
Ripple’s CEO, Brad Garlinghouse, expressed confidence that RLUSD’s strong exchange partnerships and clear applications will position it as the leading stablecoin for enterprise use. He emphasized that the demand for stablecoins that provide effective solutions across various financial sectors, including payments and tokenization, has been on the rise.
“Our payment solutions will leverage RLUSD, XRP, and other digital assets to enable faster, more reliable, and cost-effective cross-border payments.”
Formation of the RLUSD Advisory Board
As part of its launch strategy, Ripple has established an RLUSD Advisory Board aimed at steering market entry and growth. The board features notable figures, including:
- Sheila Bair, former Chair of the Federal Deposit Insurance Corporation (FDIC)
- David Puth, former CENTRE Consortium CEO and JPMorgan executive
- Chris Larsen, Ripple co-founder
Puth stated that stablecoins play a vital role in bridging traditional finance and the cryptocurrency market by offering the necessary stability for institutional transactions while leveraging blockchain technology’s transparency and efficiency.
Bair noted that RLUSD is expected to significantly contribute to modernizing financial infrastructure and enhancing financial inclusion as the digital economy evolves.