Key Takeaways
- Ripple announces the launch of RLUSD stablecoin for December 17, 2024.
- The XRP token is up 8% on the RLUSD news, reaching $2.56 with a market cap of $146 billion.
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Ripple has officially announced that its USD-backed stablecoin, Ripple USD (RLUSD), will launch on Tuesday, December 17, 2024.
Initially, the stablecoin will be available on exchanges including Uphold, Bitso, MoonPay, Archax, and CoinMENA, with additional listings expected on Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, Zero Hash, and more in the coming weeks.
RLUSD will be fully backed by US dollar deposits, US government bonds, and cash equivalents, according to Ripple's press release.
As part of its commitment to transparency, Ripple will publish monthly third-party certificates of RLUSD reserves conducted by an independent audit firm.
“Early on, Ripple made a deliberate choice to launch our stable under the NYDFS limited purpose trust company charter, widely regarded as the leading regulatory standard worldwide,” said Brad Garlinghouse, CEO of Ripple.
RLUSD works on both the XRP Ledger and Ethereum blockchains, offering flexibility and scalability for cross-border payments and DeFi integration across multiple blockchains.
Ripple Payments plans to integrate RLUSD into its global payment network, which has already processed more than $70 billion in payments volume across more than 90 payment markets.
Raghuram Rajan, former Governor of the Reserve Bank of India, and Kenneth Montgomery, former President of the Federal Reserve Bank of Boston, have joined the RLUSD advisory board.
“Stablecoins could be the backbone of private payments by offering a secure, scalable and efficient alternative to traditional systems,” said Rajan.
Ripple's XRP token also saw a rise after the announcement, jumping 8% and trading at $2.56, with a market cap of $146 billion.
This puts XRP as the third largest crypto asset by market cap, surpassing Tether (USDT), which has a market cap of $140 billion.
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