Ripple officially launched its enterprise-grade RLUSD stablecoin on December 17, 2024, marking a significant step forward in the company’s pursuit of regulatory-compliant digital assets. Designed with a focus on utility, trust, and stability, RLUSD is now available for global trading.
Backing and Transparency of RLUSD
Ripple has ensured that RLUSD is fully backed by a combination of U.S. government bonds, USD deposits, and other cash equivalents. To maintain transparency and trust, the company will publish monthly third-party attestations verifying the reserves supporting the stablecoin.
The RLUSD stablecoin will initially operate on two major blockchain networks—the XRP Ledger (XRPL) and Ethereum. Ripple provided the respective contract addresses for transparency and ease of verification: rMxCK…8m5De for XRPL and 0x829…317eD for Ethereum.
Ripple highlighted that RLUSD combines the company’s blockchain expertise and experience in traditional financial systems, positioning it as a reliable asset for payments and as a store of value during market volatility.
Regulatory Approval and Compliance
The launch follows Ripple’s approval from the New York Department of Financial Services (NYDFS), a major regulatory achievement. Earlier this year, Ripple acquired Standard Custody, an NYDFS-chartered trust company, to oversee RLUSD’s regulatory compliance and distribution globally.
Ripple CEO Brad Garlinghouse emphasized the importance of meeting regulatory standards, stating:
“Launching RLUSD under the NYDFS charter ensures it meets the highest regulatory standards, setting it up for widespread adoption.”
Exchange Listings and Accessibility
Ripple announced that RLUSD will initially be listed on five exchanges: Archax, Bitso, CoinMENA, MoonPay, and Uphold. Additionally, listings on platforms such as Mercado Bitcoin, Bitstamp, Zero Hash, Independent Reserve, and Bullish are planned to expand global accessibility. Ripple noted that more exchange partnerships will follow in the coming weeks.
Advisory Board and Financial Expertise
To guide RLUSD’s growth and stability, Ripple established an advisory board comprising financial industry leaders. Members include Ripple Co-founder Chris Larsen, former FDIC Chair Sheila Bair, and ex-CENTRE Consortium CEO David Puth. Two notable additions include Raghuram Rajan, former Reserve Bank of India Governor, and Kenneth Montgomery, former COO of the Federal Reserve Bank of Boston.
XRP Price Surges Post-Launch
The launch had an immediate bullish impact on XRP, Ripple’s native cryptocurrency. XRP surged 8.47% to a daily high of $2.56 and is currently trading at $2.54, reflecting gains of 5.43% in 24 hours and 14.35% over the past week.
Conclusion
Ripple’s RLUSD launch represents a significant milestone, combining regulatory compliance, transparency, and innovation. With its institutional backing and global reach, RLUSD is poised to compete with major stablecoins like USDT and USDC. Ripple’s focus on stability and trust positions it as a leader in the evolving stablecoin market.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.