Ripple announced that its Ripple USD stablecoin will begin trading on Dec. 17 across platforms like Uphold, MoonPay, Archax, and CoinMENA.
Ripple, the blockchain company that powers XRP, has announced that its Ripple USD (RLUSD) stablecoin will commence trading globally on December 17, which is tomorrow.
Ripple intends to introduce RLUSD, a new stablecoin backed by the United States dollar, to the global exchange market, the company informed Cointelegraph on Monday, December 16.
Following the New York Department of Financial Services (NYDFS) approval of the RLUSD launch on December 10, the stablecoin’s entry into the global financial and cryptocurrency markets was authorized.
Ripple also disclosed significant appointments to its RLUSD advisory board, which encompassed a former governor of the Reserve Bank of India.
Initial Locations Where Ripple USD Is Available
RLUSD, a 1:1 dollar-backed stablecoin, was introduced in June and is entirely backed by short-term US government Treasurys, US dollar deposits, and other currency equivalents.
The announcement stated that Ripple’s RLUSD stablecoin will be initially accessible on prominent crypto platforms and exchanges, such as Uphold, MoonPay, Archax, and CoinMENA, at the time of launch.
It is anticipated that RLUSD will be listed on platforms such as Bitso, Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, Zero Hash, and others in the upcoming weeks.
Ripple intends for its RLUSD stablecoin to be adopted globally, and it anticipates that its partner network will increase its usage in the Americas, Asia-Pacific, United Kingdom, and Middle East regions.
RLUSD Will Be Introduced To Global Commerce In Early 2025
Ripple intends for Ripple USD to function as a treasury remittance and cross-border settlement instrument in addition to providing a new enterprise-grade regulated stablecoin.
Ripple aims to facilitate global payments for its enterprise customers by incorporating RLUSD into its digital payment protocol, Ripple Payments, in early 2025.
Ripple Payments has processed $70 billion in 90 markets worldwide, according to the company.
Furthermore, it is anticipated that Ripple USD will include on-ramp and off-ramp support, as well as integration with decentralized finance protocols.
Collateralization will be available for the trading of tokenized real-world assets, including commodities, securities, and treasuries, on the blockchain.
Banking Officials Have Been Appointed To Advisory Board Of RLUSD
The Ripple USD’s exchange debut is accompanied by the appointment of several key members to the dedicated advisory council for the stablecoin.
The RLUSD advisory council will be joined by Raghuram Rajan, the former governor of the Reserve Bank of India, and Kenneth Montgomery, the former first vice president and chief operating officer of the Federal Reserve Bank of Boston.
Rajan and Montgomery will be responsible for offering strategic guidance on regulatory, financial, and operational matters in order to facilitate the stability and expansion of RLUSD.
“Stablecoins have the potential to serve as the foundation of private payments by providing a secure, scalable, and efficient alternative to conventional systems,” Rajan stated. He also added:
“With its focus on compliance and reliability, RLUSD aims to establish new standards for trust and to play a pivotal role in shaping the future of payments.”
Montgomery stated, “Stablecoins are rapidly becoming a key component of the payments landscape, providing the speed, efficiency, and cost-effectiveness that conventional systems frequently fail to achieve.”
The advisory council is already composed of Sheila Bair, the former chair of the Federal Deposit Insurance Corporation, David Puth, the vice chairman of Partners Capital and the former CEO of Centre Consortium, and Chris Larsen, the co-founder and executive chairman of Ripple.
