Ripple has launched its RLUSD stablecoin with support from major exchanges like Uphold, Bitstamp, and Bitso, ensuring liquidity through market makers such as B2C2.
An Oct. 15 statement from Ripple says that it has officially announced that the exchange partners will accept its new Ripple USD (RLUSD) stablecoin.
The press release says that RLUSD will be offered to institutions and regular people worldwide on the biggest cryptocurrency exchanges, such as Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish.
The cryptocurrency business also said that major market makers like B2C2 and Keyrock will make sure that RLUSD has enough liquidity to help it become more widely used.
RLUSD aims to help business clients by combining the security of paper currencies with the speed of blockchain technology. Cross-border payments, currency on/off ramps, and tokenizing real-world assets are some of the main ways it can be used.
Ripple’s choice to release RLUSD on both XRP Ledger (XRPL) and Ethereum shows that it wants to give developers and users a stablecoin they can trust. Each RLUSD token will always be worth the same amount as a US dollar and will be backed by dollar reserves, US government bonds, and cash alternatives.
The asset is still in closed beta, but CryptoQuant data shows it has a supply of about $60 million. Of that amount, 33.75 million RLUSD are on the XRPL network and the rest are on Ethereum.
Brad Garlinghouse, CEO of Ripple, said that RLUSD is the standard for enterprise-grade stablecoins because it has strong exchange partnerships, clear usefulness, and growing demand.
In addition, he said that the company chose to release the new stablecoin because there is more interest in stablecoins that can be used for payments and tokenization, among other things.
Garlinghouse also said that RLUSD will be a good addition to Ripple’s current products, especially regarding cross-border payments.
“Our payment solutions will leverage RLUSD, XRP, and other digital assets to enable faster, more reliable, and cost-effective cross-border payments.”
RLUSD Board of Advisors
Along with the start, Ripple has also put together an RLUSD Advisory Board to help the currency enter new markets and grow.
Some well-known people on the board are Sheila Bair, who used to be Chair of the Federal Deposit Insurance Corporation (FDIC), David Puth, who used to be CEO of CENTRE Consortium and now works for JPMorgan, and Chris Larsen, who helped create Ripple.
Puth said stablecoins are very important for connecting traditional finance to the cryptocurrency market because they provide the stability needed for business deals and take advantage of blockchain technology’s ability to make things more open and efficient.
Bair also said that RLUSD will likely play a big part in updating banking systems and making more people able to use them as the digital economy changes.
