Ripple has officially announced its exchange partners for the launch of its new dollar-backed stablecoin, Ripple USD (RLUSD).
Among the platforms supporting the stablecoin are notable cryptocurrency exchanges and services such as Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish.
RLUSD began its mainnet testing on both the XRP Ledger (XRPL) and Ethereum networks in August 2023. The U.S. dollar-backed stablecoin was introduced to set a new benchmark for enterprise-grade stablecoins and provide solutions for use cases like DeFi, payments, and tokenization of assets, according to CEO Brad Garlinghouse in its announcement on October 15.
“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 stated. He added that the stablecoin would leverage its existing infrastructure to provide “faster, more reliable, and cost-effective cross-border payments.”
Meanwhile, former FDIC Chair Sheila Bair was announced as a member of Ripple’s advisory board. Commenting on the development, Bair emphasized the role of stablecoins in modernizing financial infrastructure and increasing financial inclusion in the same announcement: “Stablecoins will play a key role in modernizing our financial infrastructure and broadening financial inclusion. I am honoured to join Ripple’s advisory board as they launch their stablecoin with a compliance-first approach.”
According to Ripple, RLUSD is one of the few stablecoins issued under a New York Trust Company Charter and this demonstrates its emphasis on regulatory compliance. To ensure transparency, the company stated it is committed to publishing monthly reports of its reserve assets, verified through third-party audits conducted by BPM.
This launch of RLUSD stablecoin comes shortly after Ripple announced its entry into the crypto custody market with a suite of new services aimed at helping financial institutions manage digital assets for their clients. This move allows Ripple to expand its presence in the payment settlement space and work towards its goal of becoming a global blockchain-based payment company.
RELATED: Ripple Labs to Challenge U.S. SEC Appeal on XRP’s Non-Security Status
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
