Digital asset infrastructure provider Ripple named Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA and Bullish as its initial exchange and platform partners on Tuesday ahead of the launch of its upcoming stablecoin, RLUSD. Market makers B2C2 and Keyrock are also set to support the liquidity of the Ripple USD stablecoin upon launch.
“With our initial exchange partners, clear utility and demand for RLUSD, and a strong focus on regulatory compliance, Ripple’s stablecoin is poised to become the gold standard for enterprise-grade stablecoins," Ripple CEO Brad Garlinghouse said in a statement shared with The Block.
During a fireside chat at Korea Blockchain Week last month, Garlinghouse said the company would launch its new stablecoin in “weeks, not months,” though an official date is yet to be announced. Garlinghouse added that he has “no interest” in Ripple going public in the U.S., largely due to the Securities and Exchange Commission's “pretty hostile” stance towards crypto.
Integrated into Ripple's cross-border payments network, RLUSD is designed for enterprise use cases, including real-time, global payments, providing a stable bridge for on/off ramps between fiat and crypto and supporting the tokenization of real-world assets such as commodities and securities. Each RLUSD token is 100% backed by U.S. dollar deposits, U.S. government bonds and cash equivalents, the firm claimed.
Set to launch on both the XRP Ledger and Ethereum blockchains and issued under a New York Trust Company Charter, RLUSD offers a compliant, liquid and trusted USD stablecoin for developers and users, the firm said.
Ripple also announced on Tuesday the assembly of an RLUSD Advisory Board, including former FDIC Chair Sheila Bair, former CENTRE Consortium CEO and JPMorgan executive David Puth and Ripple co-founder and Executive Chairman Chris Larsen to “guide the introduction of RLUSD to the market.”
"Stablecoins will play a key role in modernizing our finance infrastructure and broadening financial inclusion. As the digital assets industry grows, responsible innovation will be paramount to their adoption, prioritizing both consumer protection and financial stability,” Bair said following her appointment.
“Stablecoins are a critical component in the evolution of the digital economy, providing a bridge between traditional finance and the crypto market. They offer the stability needed for transactions, while utilizing blockchain technology to enhance transparency and efficiency,” Puth added.
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