Ripple Will launch Ripple USD is launching its dollar-pegged Ripple USD stablecoin on Dec. 17, on the XRP Ledger, and Ethereum.
The announcement made on Dec. 16, stated that each RLUSD will be fully backed up by US dollars, US government bonds and cash equivalents.
Initial stablecoins are available at Uphold Bitso MoonPay Archax CoinMENA. The firm will expand its presence to popular platforms such as Bullish Bitstamp and Mercado Bitcoin in the next few weeks.
Additionally, Ripple will provide monthly third-party attestations of RLUSD’s reserves, which will be audited by an independent firm.
Brad Garlinghouse, Ripple’s CEO, said that the company will launch RLUSD in accordance with the New York State Department of Financial Services Limited Purpose Trust Company Charter. He also said:
“As the US moves toward clearer regulations, we expect to see greater adoption of stablecoins like RLUSD, which offer real utility and are backed by years of trust and expertise in the industry.”
Strategic partnerships
The announcement included Ripple’s various partnerships with global exchanges, market makers, and payment providers to position RLUSD for widespread adoption in the Americas, Asia-Pacific, the UK, and the Middle East.
The report did not contain any details about the EU. That suggests that it is unlikely the stablecoin will be available in large quantities in the area due to recent changes in regulation, such as the Markets in Crypto Assets Act (MiCA), which has a negative impact on stablecoin issuers.
Ripple has a variety of uses in mind, such as cross-border transactions, liquid management, integrations with DeFi and trading tokenized assets.
Furthermore, the company’s enterprise-focused payment platform, Ripple Payments, will integrate RLUSD early next year.
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