Ripple's new stablecoin, RLUSD, will officially launch in the market tomorrow, December 17th. It will initially be available on the exchanges Uphold, Bitso, MoonPay, Archax, and CoinMENA, with more to come.

Ripple announces the official launch date for its stablecoin RLUSD

It will be available starting tomorrow on five exchanges, including Uphold and Bitso

New York regulators have approved the product

XRP rose over 4% in price amid the news

The long-awaited stablecoin from Ripple finally has an official launch date.

In a press release this Monday, the blockchain solutions company announced that its stable digital currency Ripple USD (RLUSD), backed by US dollars, will officially be introduced to the market this Tuesday.

"RLUSD will be available on global exchanges starting tomorrow, December 17, 2024," the statement reads. "Each RLUSD token is fully backed by deposits in US dollars, US government bonds, and cash equivalents, and is designed to ensure its stability, reliability, and liquidity."

Ripple officially presented its new stable digital token – designed to maintain parity with the US dollar – in August, after hinting at plans earlier in the year. RLUSD was initially launched in test mode in the middle of this year and is available on the XRP Ledger and Ethereum blockchains.

The company has indicated that it plans to use RLUSD in its cross-border payment product, "to facilitate global payments on behalf of its business clients," providing liquidity, enabling faster and cheaper transactions, and potentially integrating with various DeFi protocols across multiple blockchains.

Ripple Payments has served USD $70 billion in volume and payment count, and has nearly global coverage with over 90 payment markets, representing more than 90% coverage of the daily FX market.