Ripple CEO Brad Garlinghouse has expressed excitement over the launch of the Ripple USD (RLUSD) stablecoin, describing it as "an enterprise-grade stablecoin for everyone." Yesterday, Ripple announced that Ripple USD (RLUSD) will be available on global exchanges starting today, Dec. 17, 2024.
An enterprise-grade stablecoin for everyone. Ripple USD ($RLUSD) drops tomorrow on @UpholdInc, @MoonPay, @CoinMENA, @ArchaxEx and @Bitso, with @bullish, @mercadobitcoin, @ZeroHashX, @indepreserve, and @Bitstamp soon to follow. https://t.co/k3DrWO4PXA
— Brad Garlinghouse (@bgarlinghouse) December 16, 2024
The Ripple CEO's earlier remarks, which were quoted in an official press release on Dec. 16, highlighted the company's early decision to introduce the stablecoin under the auspices of the New York State Department of Financial Services (NYDFS) and conveyed expectations for the stablecoin's widespread adoption: "Early on, Ripple made a deliberate choice to launch our stablecoin under the NYDFS limited purpose trust company charter, widely regarded as the premier regulatory standard worldwide. As the U.S. moves toward clearer regulations, we expect to see greater adoption of stablecoins like RLUSD, which offer real utility and are backed by years of trust and expertise in the industry."
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The RLUSD stablecoin is available on both the XRP Ledger and the Ethereum blockchains, providing flexibility and scalability across a wide range of financial use cases. Key RLUSD partners would include major global exchanges, market makers and payment providers, driving adoption and utility across the Americas, Asia-Pacific, U.K. and the Middle East.
Ripple's announcement comes at a time when demand for stablecoins is increasing. According to Ripple, the whole stablecoin market might skyrocket to $2 trillion by 2028 as demand for low-volatility fiat-pegged tokens increases.
What's next?
RLUSD will initially be available on Uphold, Bitso, MoonPay, Archax and CoinMENA, with more listings on platforms such as Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve and Zero Hash, with others to follow over the coming weeks.
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Raghuram Rajan, former Governor of the Reserve Bank of India, and Kenneth Montgomery, former First Vice President and Chief Operating Officer of the Federal Reserve Bank of Boston, will join the RLUSD advisory board to provide strategic guidance on regulatory, financial and operational aspects that will support the RLUSD's stability and growth.
Starting early next year, Ripple Payments will use RLUSD to allow global payments for its enterprise's customers. Ripple Payments has served $70 billion in payments volume, with nearly global coverage through 90 payout marketplaces, accounting for more than 90% coverage of the daily FX market.
