Ripple Officially Launches RLUSD Stablecoin
Ripple, officially launched Ripple USD (RLUSD), its newest stablecoin, following the receipt of regulatory approval from the New York State Department of Financial Services (NYDFS), Tuesday (12/17).
For information, RLUSD is designed as a conventional stablecoin that is fully backed by US dollar reserves, including US Treasury securities, and bank deposits. This aims to ensure stability in the market.
Ripple CEO Brad Garlinghouse, expressed optimism about the potential of RLUSD to revolutionize the way stablecoins are used in financial transactions. In fact, he emphasized that utility and compliance are key differentiators in the market in the coming years.
Reportedly, Ripple has formed an advisory board consisting of renowned figures such as Former Governor of the Central Bank of India Raghuram Rajan and Former COO of the Federal Reserve Bank of Boston Kenneth Montgomery, so that it can strengthen Ripple's efforts in stablecoins.
With the launch of the RLUSD stablecoin, Ripple takes a significant step in the evolution of digital currencies in the global payment system.