Ripple, the global payment company behind the Ripple blockchain, has announced exchange partners and customers for its upcoming dollar-denominated stablecoin, Ripple USD (RLUSD).
The blockchain infrastructure provider has partnered with crypto exchanges and platforms, including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish, to facilitate the distribution of the stablecoin.
Ripple Ventures Into the Stablecoin Market
Ripple first announced plans to launch the RLUSD stablecoin on April 4. On August 9, the digital currency was deployed for testing on the XRP ledger (XRPL) and the Ethereum mainnets.
Although Ripple has not announced the official launch date for RLUSD, the company noted that the stablecoin is developed with trust, liquidity, and compliance at its core.
The firm further stated that RLUSD combines the stability of conventional fiat currencies with the speed and efficiency of blockchain technology, making it well-suited for various financial applications.
According to Ripple CEO Brad Garlinghouse, the company’s upcoming stablecoin aims to become a leading standard for enterprise-level stablecoins.
“Customers and partners have been asking for high-quality stablecoins like RLUSD to use across various financial use cases, such as payments, tokenization of real-world assets, and decentralized finance,” Garlinghouse said.
The CEO further noted that Ripple’s payment solution will utilize RLUSD, XRP, and other digital assets to facilitate faster, more reliable, and cost-effective cross-border payments.
RLUSD’s Regulatory Compliance
Ripple’s RLUSD is one of the few stablecoins issued under a New York Trust Company Charter, ensuring it is subject to stringent regulatory supervision.
With significant regulatory adherence, Ripple’s advisory board includes Sheila Bair, the former Chair of the United States Federal Deposit Insurance Corporation (FDIC).
“Stablecoins will play a key role in modernizing our financial infrastructure and broadening financial inclusion. I am honored to join Ripple’s advisory board as they launch their stablecoin with a compliance-first approach,” Bair said.
She added that as the digital asset sector expands, ensuring responsible innovation will be crucial for its adoption, focusing on safeguarding consumers and maintaining financial stability.
