Ripple, a provider of enterprise blockchain and crypto solutions, has launched its stablecoin, Ripple USD (RLUSD), on global exchanges today.

RLUSD is fully backed by US dollar deposits, government bonds, and cash equivalents, aiming to ensure stability and reliability.

The stablecoin is initially available on several exchanges, including Uphold, Bitso, MoonPay, Archax, CoinMENA, with plans to expand to others like Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and Zero Hash in the coming weeks.

Ripple aims to facilitate global adoption through partnerships with these and other market makers and payment providers, focusing on the Americas, Asia-Pacific, UK, and Middle East regions.

RLUSD is designed for various financial applications, including cross-border payments, DeFi integration, liquidity access for remittance and treasury operations, and collateralisation for trading tokenised assets.

Ripple Payments will also utilise RLUSD to facilitate global payments for enterprise customers starting next year.

To bolster confidence and transparency, Ripple will publish monthly, third-party attestations of RLUSD’s reserves.

Additionally, former Reserve Bank of India Governor Raghuram Rajan and former Federal Reserve Bank of Boston First Vice President Kenneth Montgomery have joined the RLUSD advisory board, alongside Sheila Bair, David Puth, and Chris Larsen.

“Early on, Ripple made a deliberate choice to launch our stablecoin under the NYDFS limited purpose trust company charter, widely regarded as the premier regulatory standard worldwide.

As the U.S. 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.”

said Brad Garlinghouse, Ripple’s CEO.

Featured image credit: Edited from Freepik

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