RLUSD, Ripple’s stablecoin targeted at businesses, was introduced during the Ripple Swell 2024 conference.
Tuesday at the Ripple Swell 2024 conference, the company announced that it has partnered with critical international exchanges to distribute RLUSD, a stablecoin priced in USD intended for use in enterprise-level financial applications.
A press statement claims that RLUSD is designed for enterprise settings, focusing on financial stability and regulatory compliance.
Global Partners and the Advisory Board of Ripple RLUSD
Additionally, Ripple has put together a prestigious advisory council to direct the stablecoin’s advancement.
Notable individuals, including Chris Larsen, the co-founder of Ripple, and Sheila Bair, the former chair of the Federal Deposit Insurance Corporation (FDIC), are included in this.
To maintain appropriate regulatory monitoring, the stablecoin will be issued under a New York Trust Company Charter and run on a compliance-first philosophy.
RLUSD will be accessible to institutional and retail users on well-known exchanges, including Bitstamp, Bitso, and Bullish.
As to the statement made by Brad Garlinghouse, CEO of the company, “Our stablecoin is poised to become the gold standard for enterprise-grade stablecoins with our initial exchange partners, the clear utility and demand for RLUSD, and a strong focus on regulatory compliance.”
Stablecoin from Ripple for Cross-Border Transactions
The ability of RLUSD to facilitate cross-border payments is one of its main benefits.
The stablecoin will act as a stable bridge for these transactions, with liquidity assistance from market makers Keyrock and B2C2.
By lowering the volatility of digital asset transfers, the company sees RLUSD as a critical component in improving the efficiency of international transactions.
Further highlighting of RLUSD’s capacity to support real-world asset tokenization by the company has made it possible for users to partake in on-chain activities such as trading equities and commodities.
“To enable faster, more dependable, and cost-effective cross-border payments, our payment solutions will leverage RLUSD, XRP, and other digital assets,” said Garlinghouse.
Ripple’s payment network currently operates in more than 90 markets and handles close to $70 billion in transactions.
To uphold transparency, the company will make available reports every month that confirm RLUSD’s reserves, as verified by an independent auditor.
To guarantee the stability of its value, US dollar deposits, US government bonds, and cash equivalents will fully back every RLUSD token.
