Ripple's RLUSD Stablecoin Launches Today with Global Listings and Expert Support
Ripple announced the official launch of its enterprise-grade stablecoin RLUSD today, December 17, 2024.
Meanwhile, the stablecoin, designed to focus on utility, trust and regulatory compliance, is now available for trading worldwide.
RLUSD Support and Transparency
Ripple confirmed that RLUSD is backed by a mix of US government bonds, USD deposits and other cash equivalents. To maintain trust and transparency, Ripple will publish third-party attestations monthly to verify reserves supporting RLUSD.
The stablecoin will initially operate on two major blockchain networks—XRP Ledger (XRPL) and Ethereum. Ripple provided contract addresses as rMxCK…8m5De for XRPL and 0x829…317eD for Ethereum.
The company highlighted that RLUSD leverages Ripple's expertise in financial systems and blockchain technology to provide users with a trusted asset that can be used for payments and as a store of value amid market volatility.
Regulatory Approval and Distribution
The launch follows New York Department of Financial Services (NYDFS) approval, a key regulatory milestone. Earlier this year, Ripple acquired Standard Custody, a trustworthy limited purpose company with an NYDFS charter, to ensure regulatory compliance. Standard Custody will oversee the distribution of RLUSD to cryptocurrency exchanges globally.
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