RLUSD to debut on XRP Ledger, Ethereum, and major exchanges
Debut with monthly reserve confirmations
On December 17, Ripple enters the competitive stablecoin space with the launch of RLUSD.
A week after receiving final approval from the New York State Department of Financial Services (NYDFS), Ripple is set to roll out its stablecoin RLUSD.
"RLUSD will be available on global exchanges starting tomorrow... Each RLUSD token is fully backed by U.S. dollar deposits, U.S. Treasury bonds, and cash equivalents," Ripple stated on Monday.
Monthly reserve confirmations
An independent auditing firm will verify RLUSD's reserve assets, publishing monthly reports.
Ripple’s focus on RLUSD’s backing is deliberate. The company announced that by early next year, its Ripple Payments system, which has already processed approximately $70 billion in payments, will use RLUSD for corporate client transactions.
Initially, RLUSD will operate on XRP Ledger and Ethereum, but Ripple plans to expand to "additional blockchains and decentralized financial protocols and applications" over time.
Ripple also revealed that RLUSD will initially be available on Uphold, MoonPay, Archax, and CoinMENA, with more listings expected in the coming weeks on platforms like Bitso, Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, Zero Hash, and others.
Ripple has received final approval for its RLUSD stablecoin from the New York Department of Financial Services (NYDFS). The announcement was made public by Ripple CEO Brad Garlinghouse, who shared the news on his social media account on X.
