Ripple Reveals RLUSD Stablecoin Partners for Worldwide Distribution

Ripple Stablecoin XRP

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Hongji Feng

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Hongji Feng

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Hongji is a crypto and tech reporter. He graduated from Northwestern University's Medill School of Journalism with a Bachelor's and a Master's. He has previously interned at HTX (Huobi Global),...

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October 15, 2024 11:08 EDT

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At the Ripple Swell 2024 conference on Tuesday, Ripple revealed its partnerships with major global exchanges to distribute RLUSD, a USD-denominated stablecoin designed for enterprise-grade financial applications.

According to a press release, RLUSD is specifically crafted for enterprise use, emphasizing regulatory compliance and financial trustworthiness.

Ripple RLUSD Advisory Board and Global Partners

Ripple has also assembled a distinguished advisory board to guide the stablecoin’s development.

This includes notable figures such as former Federal Deposit Insurance Corporation (FDIC) Chair Sheila Bair and Ripple co-founder Chris Larsen.

The stablecoin will operate under a compliance-first approach and will be issued through a New York Trust Company Charter, ensuring it remains under proper regulatory oversight.

Ripple announced that RLUSD will be available on major exchanges, including Bitstamp, Bitso, and Bullish, catering to both institutional and retail users.

“With our initial exchange partners, the clear utility and demand for RLUSD, and a strong focus on regulatory compliance, Ripple’s stablecoin is poised to become the gold standard for enterprise-grade stablecoins,” said Ripple CEO Brad Garlinghouse.

Ripple’s Stablecoin for Cross-Border Transactions

One of RLUSD’s key advantages is its use in facilitating cross-border payments.

The stablecoin will serve as a stable bridge for these transactions, with market makers B2C2 and Keyrock providing liquidity support.

Ripple envisions RLUSD playing a pivotal role in making global transactions more efficient by reducing volatility in digital asset transfers.

Ripple has further highlighted RLUSD’s potential to facilitate real-world asset tokenization, enabling users to engage in on-chain activities like trading commodities and securities.

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

Currently, Ripple’s payment network spans over 90 markets, processing nearly $70 billion worth of transactions.

To maintain transparency, Ripple will release monthly reports verifying RLUSD’s reserves, conducted by a third-party auditor.

Each RLUSD token will be fully backed by U.S. dollar deposits, U.S. government bonds, and cash equivalents, ensuring that its value remains secure.