The launch of the RLUSD stablecoin from Ripple Labs is scheduled for December 17, 2024.
The asset will initially be available on the platforms Uphold, MoonPay, Archax, Bitso, and CoinMENA.
The token will operate on the XRP Ledger and Ethereum blockchains with a gradual expansion of the network.
Ripple Labs will launch its own stablecoin Ripple USD (RLUSD) on December 17, 2024. The company reported that the token will be fully backed by US dollars, US government bonds, and other cash equivalents. Monthly audits by a third party will also be conducted.
Moreover, RLUSD is designed for cross-border payments, DeFi integration, and the combination of fiat and cryptocurrencies, the company noted.
It will operate on several blockchains, but initially, the asset will be available on the XRP Ledger and Ethereum, according to The Block. In August, the company spoke about testing the stablecoin's operation on these two networks. At that time, Ripple announced a gradual expansion of RLUSD support to other blockchains and decentralized financial protocols.
The company also noted that initially, the stablecoin would be available on the platforms Uphold, MoonPay, Archax, and CoinMENA, and in the coming weeks on Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, Zero Hash, and others, as noted in The Block.
"RLUSD is ready to play a significant role in the evolution of digital payments, corporate finance, etc., and we are proud to have been one of the first partners to launch the first-ever stablecoin solution from Ripple," said Uphold CEO Simon McLaughlin.
Thus, Ripple becomes a competitor to other stablecoin issuers, in particular - Tether, Circle, and Ethena. The traditional fintech company PayPal also launched its own stablecoin pegged to the dollar in August 2023.
Ripple also stated that at the beginning of 2025, Ripple Payments will use RLUSD for conducting transactions for its corporate clients. The volume of Ripple Payments reached $70 billion, noted Ripple.
Recall that on December 11, 2024, the New York State Department of Financial Services approved the launch of the RLUSD stablecoin.