Ripple has begun the launch of its RLUSD stablecoin on major global exchanges, including Uphold, Bitso, MoonPay, Archax, and CoinMENA, with additional platforms expected to follow soon.
RLUSD is an enterprise-grade, USD-pegged stablecoin designed for instantaneous payments, fiat-to-crypto conversion, and the tokenization of real-world assets. Key partners for RLUSD encompass leading global exchanges, market makers, and payment providers, which will promote its adoption across the Americas, Asia-Pacific, UK, and Middle East.
This roll-out on both the XRP Ledger and Ethereum blockchains follows the recent approval from the New York Department of Financial Services (NYDFS). According to Ripple’s CEO, Brad Garlinghouse, the company’s decision to launch the stablecoin under the NYDFS limited-purpose trust company charter demonstrates its commitment to regulatory compliance. He anticipates that as U.S. regulations become clearer, the adoption of stablecoins like RLUSD will increase, offering tangible utility backed by industry expertise.
Starting early next year, Ripple Payments plans to utilize RLUSD to facilitate global payments for its enterprise clients. Ripple Payments has already processed $70 billion in transaction volume and maintains a near-global presence with over 90 payout markets, covering more than 90% of the daily foreign exchange market.
Notable figures such as Raghuram Rajan, former governor of the Reserve Bank of India, and Kenneth Montgomery, former COO of the Federal Reserve Bank of Boston, will join the RLUSD advisory board to provide insights on regulatory, financial, and operational matters that can support stability and growth. They are joined by other distinguished advisors, including former FDIC chair Sheila Bair, David Puth, ex-CEO of the CENTRE Consortium, and Ripple co-founder Chris Larsen.
Montgomery expressed enthusiasm for the role stablecoins are playing in the payments landscape, noting their capacity to deliver speed and cost-effectiveness that traditional systems often lack. He looks forward to working with Ripple to enhance the global reach and acceptance of RLUSD, promoting greater financial inclusion and modernizing the future of payments.