Ripple, a leader in digital asset infrastructure for financial institutions, has unveiled its exchange partners for Ripple USD (RLUSD), an enterprise-grade, USD-backed stablecoin designed with a focus on trust, liquidity, and compliance. This stablecoin will be globally available to institutions and users through collaborations with major exchanges, including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish.
Strategic Vision for RLUSD
Brad Garlinghouse, CEO of Ripple, commented, “With the support of our initial exchange partners, RLUSD is well-positioned to set a new benchmark for enterprise-grade stablecoins. The demand for high-quality stablecoins like RLUSD has been clear, as customers seek reliable options for a variety of financial applications, including payments and the tokenisation of real-world assets. Our payment solutions will utilise RLUSD, XRP, and other digital assets to create faster, more efficient cross-border transactions.”
To bolster RLUSD’s market liquidity, Ripple has joined forces with prominent market makers such as B2C2 and Keyrock.
Guiding RLUSD’s Market Introduction
RLUSD stands out as one of the few stablecoins issued under a New York Trust Company Charter, providing it with a solid foundation of oversight and regulation. Ripple has convened an influential advisory board, featuring notable figures such as former FDIC Chair Sheila Bair, former CENTRE Consortium CEO David Puth, and Ripple co-founder and Executive Chairman Chris Larsen, to steer RLUSD’s responsible rollout.
Sheila Bair remarked, “The role of stablecoins in modernising financial systems and improving financial access is undeniable. I am honoured to join Ripple’s advisory board as they launch RLUSD with a focus on compliance, emphasising the need for consumer protection and financial stability in the expanding digital assets sector.”
David Puth added, “Joining Ripple’s advisory board to support the launch of RLUSD excites me. Stablecoins are essential for the growth of the digital economy, bridging traditional finance with the crypto market. They ensure stability for transactions while employing blockchain technology to promote transparency and efficiency.”
Versatile Use Cases for RLUSD
RLUSD combines the reliability of traditional fiat currencies with the speed of blockchain technology, making it ideal for various financial applications:
- Payments: RLUSD allows for instantaneous, round-the-clock global payments. Alongside XRP, it will be integrated into Ripple’s cross-border payment systems to enhance transaction efficiency and reliability. Ripple’s network operates in over 90 markets, accounting for more than 90% of daily foreign exchange volume, with over 37 million transactions processed, totalling nearly $70 billion.
- On/Off Ramps: By providing a stable connection between traditional currencies and the cryptocurrency ecosystem, RLUSD enables seamless conversions, alleviating concerns about price fluctuations and ensuring smooth transitions for users entering or exiting the crypto market.
- Tokenisation of Real-World Assets (RWA): Compliant stablecoins like RLUSD enhance the liquidity and settlement processes for trading RWAs, such as commodities and securities, on-chain, ultimately reducing transaction costs and volatility.
Feedback from Partners
Ivan Soto-Wright, CEO and co-founder of MoonPay, expressed enthusiasm about Ripple’s commitment to enhancing the stablecoin sector, stating, “Ripple’s focus on progressing the stablecoin landscape is noteworthy. We are excited to offer RLUSD as part of our expanding stablecoin options, recognising its potential impact on the financial ecosystem.”
Cactus Raazi, US CEO of B2C2, expressed enthusiasm about the partnership, highlighting that regulation-compliant stablecoins are crucial for developing effective digital asset marketplaces.
Bitso’s CEO, Daniel Vogel, emphasised the significance of this collaboration with Ripple, stating that RLUSD will deliver substantial advantages to clients across Latin America, building on their long-standing partnership.
Enhancing the Blockchain Ecosystem
The introduction of RLUSD on both the XRP Ledger and Ethereum blockchains is a key development that provides a compliant, trusted USD stablecoin for developers and users. Each RLUSD token is fully backed by US dollar deposits, U.S. government bonds, and cash equivalents. To ensure transparency, Ripple will release monthly, third-party audited attestations of its reserve assets conducted by BPM.