Ripple, the blockchain company behind XRP, confirmed that its Ripple USD (RLUSD) stablecoin will begin trading globally tomorrow, Dec. 17.
RLUSD, a new United States dollar-backed stablecoin developed by Ripple, is set for a global exchange debut, the firm announced to Cointelegraph on Monday, Dec. 16.
The announcement came after the New York Department of Financial Services (NYDFS) approved the RLUSD launch, on Dec. 10, greenlighting the stablecoin’s entrance into global financial and cryptocurrency markets.
Ripple also announced key appointments to its RLUSD advisory board, including a former governor of the Reserve Bank of India.
Initial venues of RLUSD availability
Introduced in June, RLUSD is a 1:1 dollar-backed stablecoin 100% supported by US dollar deposits, short-term US government Treasurys and other cash equivalents.
At launch, Ripple’s RLUSD stablecoin will be initially available on major crypto platforms and exchanges, including Uphold, MoonPay, Archax and CoinMENA, the announcement said.
In the coming weeks, RLUSD is expected to be listed on platforms like Bitso, Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, Zero Hash and others.
Targeting global adoption of its RLUSD stablecoin, Ripple expects its partner network to drive its usage across the Americas, Asia-Pacific, the United Kingdom and Middle East regions.
RLUSD is coming to global payments in early 2025
In addition to offering a new enterprise-grade regulated stablecoin, Ripple plans for RLUSD to serve as a cross-border settlement and treasury remittance tool.
Ripple plans to integrate RLUSD into its digital payment protocol, Ripple Payments, in early 2025 to facilitate global payments for its enterprise customers.
Ripple USD (RLUSD) will feature global remittance, listings on centralized exchanges and payment service providers. Source: Ripple
The company noted that Ripple Payments has processed $70 billion across 90 markets globally.
Additionally, RLUSD is expected to feature integration with decentralized finance protocols, on-ramp and off-ramp support, as well as collateralization for trading tokenized real-world assets such as commodities, securities and treasuries onchain.
Banking officials join RLUSD advisory board
The Ripple USD’s exchange debut is accompanied by several key appointments in the dedicated advisory board for the stablecoin.
Raghuram Rajan, former governor of the Reserve Bank of India, and Kenneth Montgomery, former first vice president and chief operating officer of the Federal Reserve Bank of Boston, will join the RLUSD advisory board.
Raghuram Rajan served as the 23rd Governor of the Reserve Bank of India from September 2013 to September 2016. Source: Bloomberg
Rajan and Montgomery will be tasked to provide strategic guidance on regulatory, financial and operational aspects to support RLUSD’s stability and growth.
“Stablecoins could become the backbone of private payments by offering a secure, scalable, and efficient alternative to traditional systems,” Rajan said, adding:
“With its focus on compliance and reliability, RLUSD aims to establish new standards for trust and to play a pivotal role in shaping the future of payments.”
“Stablecoins are rapidly emerging as a cornerstone of the payments landscape, delivering the speed, efficiency, and cost-effectiveness that traditional systems often struggle to achieve,” Montgomery said.
The advisory board already comprises former Federal Deposit Insurance Corporation chair Sheila Bair, vice chairman of Partners Capital and former Centre Consortium CEO David Puth and Ripple co-founder and executive chairman Chris Larsen.
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