The Ripple stablecoin RLUSD, approved by New York's top cryptocurrency regulator, the Department of Financial Services (NYDFS), will officially be listed on global exchanges starting December 17, 2024.
High standards of the RLUSD stablecoin
To demonstrate the high standards of RLUSD, Ripple CEO Brad Garlinghouse stated: Ripple specifically chose to launch our stablecoin under the NYDFS Limited Purpose Trust Company Charter, which is widely regarded as the leading regulatory standard globally.
Former RBI Governor Raghuram Rajan and former Vice President and COO of the Boston Federal Reserve Bank Kenneth Montgomery will also join the RLUSD advisory council to provide regulatory, financial, and operational strategic guidance to support the stability and growth of RLUSD.
Montgomery stated:
Stablecoins are rapidly emerging as a cornerstone in the payments space, providing speed, efficiency, and cost-effectiveness that traditional systems often struggle to achieve. I look forward to collaborating with the Ripple team to support the global development and adoption of RLUSD, bringing new opportunities for financial inclusion and the future of modern payments.
A global ecosystem expanding outward through payments
Ripple's core business revolves around its decentralized global payment network RippleNet, using blockchain technology to provide banks and enterprises with faster, cheaper, and more efficient cross-border payment solutions. It is marketed as an alternative to the global banking settlement system SWIFT. The announcement also noted that RLUSD can be used on the XRP Ledger and Ethereum blockchain, making it highly suitable for financial use cases and allowing institutions to:
Facilitating instant settlement of cross-border payments
Gaining liquidity for remittance and funding business
Seamless integration with decentralized finance (DeFi) protocols
Establishing a reliable bridge between traditional fiat currency and cryptocurrency ecosystems
Providing collateral for trading tokenized real-world assets such as on-chain commodities, securities, and government bonds
Ripple claims its payment volume has reached $70 billion, with coverage nearly global, spanning over 90 payment markets.
The first batch of exchanges listing RLUSD includes: Uphold, Bitso, MoonPay, Archax, and CoinMENA. In the coming weeks, it will also be listed on platforms such as Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and Zero Hash.
This article announces the official listing of Ripple stablecoin RLUSD! First appeared in Chain News ABMedia.
