Ripple's stablecoin USD (RLUSD) officially hits the global market this Tuesday (17). In Brazil, investors will be able to buy the asset on Mercado Bitcoin (MBcc) also starting tomorrow.
Investors will find RLUSD on Uphold, Bitso, MoonPay, Archax, and CoinMENA. Additional listings are planned on exchanges such as Bullish, Bitstamp, Independent Reserve, and Zero Hash. In addition to the XRP Ledger, RLUSD will also be available on the Ethereum blockchain.
RLUSD backed by US dollar and US government bonds
Each RLUSD token is backed by deposits of US dollars, US government bonds, and cash equivalents, ensuring stability and liquidity. Ripple thus ensures transparency by publishing, for example, monthly independent audit reports on RLUSD reserve assets.
“Ripple made a deliberate choice to launch our stablecoin under the NYDFS Limited Purpose Trust Company Charter, widely recognized as the most stringent regulatory standard in the world,” said Ripple CEO Brad Garlinghouse.
As the United States (US) moves towards clearer regulations, we expect to see greater adoption of stablecoins like RLUSD. It offers real utility and is backed by years of trust and industry experience, Garlinghouse added.
Global Adoption of RLUSD
Ripple wants to use the stablecoin to facilitate instant settlement of international payments. Furthermore, it promises integration with decentralized finance (DeFi) protocols and wants to establish a “trustworthy bridge between fiat currencies and the crypto ecosystem”. The objective is to ensure, above all, an efficient transition when entering (on-ramp) or leaving (off-ramp) the crypto space.
Collateralization to trade tokenized real assets (RWA) such as commodities, securities, and bonds on-chain is also among the benefits offered by RLUSD.
RLUSD: New Standard for Stablecoins
Raghuram Rajan, former Governor of the Reserve Bank of India, and Kenneth Montgomery, former Vice President of the Boston Federal Reserve, have joined the RLUSD advisory board. The pair will provide guidance on regulatory, financial, and operational issues, contributing to the stability and growth of the project. They join members such as Sheila Bair, former Chairman of the FDIC; David Puth, Vice President of Partners Capital and former CEO of CENTRE Consortium; and Chris Larsen, co-founder and Executive Chairman of Ripple.
Stablecoins can become the backbone of private payments by offering a secure, scalable, and efficient alternative to traditional systems. With its focus on compliance and reliability, RLUSD aims to set new standards of trust and play a crucial role in shaping the future of payments. Joining the advisory board gives me the opportunity to guide RLUSD on its journey in the rapidly evolving financial landscape, said Raghuram Rajan.
“I’m excited to join Ripple’s advisory board at such a pivotal time for digital finance,” said Kenneth Montgomery.
Stablecoins are rapidly emerging as a cornerstone of the payments landscape, offering speed, efficiency and cost-effectiveness that traditional systems often fail to achieve, Montgomery concludes.
Ripple (XRP) Price Consolidates After Hitting Highest Price Since 2018
Meanwhile, Ripple (XRP) hit its highest levels since 2018 but consolidated with a 2% drop this week, showing mixed market signals.
Ripple (XRP) price has shown significant movement recently, with a notable surge in November taking it to its highest levels since 2018. Now the fourth-largest cryptocurrency by market cap, XRP is 3% away from overtaking Tether for the third spot.
The article Ripple’s Dollar-Backed Stablecoin RLUSD Hits Global Market appeared first on BeInCrypto.
