Everything You Need To Know About The New Ripple Stablecoin

At the Miami Ripple Swell 2024 conference, Ripple unveiled exciting news about RLUSD, its upcoming dollar-pegged stablecoin, alongside new exchange partners and market makers. The news comes after the company previously announced it would be utilizing XRP to expand cross border payment services earlier in the year.

Sheila Bair, former FDIC Chair, and David Puth, ex-CEO of CENTRE Consortium, have joined the advisory board for RLUSD. The stablecoin is operationally ready and is currently awaiting regulatory approval by the New York Department of Financial Services (NYDFS).

Seamless Transactions

Various Ripple partners, including Bitstamp, Bitso, and MoonPay, will facilitate the distribution of RLUSD, while market makers B2C2 and Keyrock will enhance liquidity across global markets. The stablecoin will initially operate on the XRP Ledger and Ethereum, allowing seamless transactions between fiat and digital currencies.

CEO Brad Garlinghouse envisions RLUSD as a leading stablecoin for enterprise applications, essential for cross-border payments and asset tokenization. This move aligns with a broader strategy by Ripple to bridge traditional finance and blockchain technology, building on its existing network that spans over 90 markets and has processed $70 billion in transactions.

Compliance And Safety

In a related development, Garlinghouse recently announced that Ripple has officially acquired Standard Custody, reinforcing its commitment to compliance. RLUSD aims to simplify crypto-to-fiat conversions and support real-world asset tokenization, providing a secure gateway for users to engage with digital finance without price volatility concerns.

With a focus on compliance, RLUSD is issued under a New York Trust Company Charter and will be backed by dollar deposits and U.S. Treasuries. After a significant victory over the United States SEC, Ripple plans to maintain transparency through monthly independent audits of its reserves while also ensuring responsible innovation and consumer protection.