Blockchain company Ripple has officially confirmed that the Ripple USD (RLUSD) stablecoin will be launched tomorrow, December 17.
"RLUSD will be available on global exchanges starting tomorrow," Ripple said in a statement on Monday. "Each RLUSD token is fully backed by deposits in U.S. dollars, U.S. government bonds, and cash equivalents."
An independent auditing firm will be tasked with creating confirmations of RLUSD reserve assets to enhance transparency, Ripple added. Confirmations will be published monthly.
Ripple joins the competitive field of stablecoin issuers, which includes other well-funded crypto firms such as Tether, Circle, and Ethena. Traditional fintech PayPal has also launched its own dollar-pegged stablecoin. With a circulating supply of over $140 billion, Tether is currently the clear market leader.
"From the very beginning, Ripple made a conscious decision to launch our stablecoin in accordance with the NYDFS limited liability trust company charter, which is widely regarded as the leading regulatory standard worldwide," said Ripple CEO Brad Garlinghouse on Monday. "As the U.S. moves towards clearer regulations, we expect to see broader adoption of stablecoins such as RLUSD."
Last week, Ripple received final approval for RLUSD from the New York State Department of Financial Services.
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