Ripple Stablecoin RLUSD Officially Listed!
Ripple Stablecoin RLUSD Approved by NYDFS, Set to Launch on Global Exchanges
Ripple’s stablecoin RLUSD, which has received approval from the New York Department of Financial Services (NYDFS), will officially launch on global exchanges starting from December 17, 2024.
High Standards of RLUSD Stablecoin
To demonstrate the high standards of RLUSD, Ripple CEO Brad Garlinghouse stated: “Ripple deliberately chose to introduce our stablecoin based on the NYDFS Limited Purpose Trust Company Charter, which is widely recognized as the leading regulatory standard globally.”
Former Governor of the Reserve Bank of India (RBI) Raghuram Rajan and former Vice President and Chief Operating Officer of the Federal Reserve Bank of Boston Kenneth Montgomery will also join the RLUSD Advisory Committee, providing regulatory, financial, and operational guidance to support the stability and growth of RLUSD.
Montgomery stated:
“Stablecoins are rapidly emerging as the foundation of the payment space, offering speed, efficiency, and cost-effectiveness that traditional systems often struggle to achieve. I look forward to collaborating with the Ripple team to support the global development and adoption of RLUSD, bringing new opportunities for financial inclusivity and modernized payments in the future.”
A Global Ecosystem Expanding Beyond Payments
Ripple’s core business revolves around its decentralized global payment network, RippleNet, which utilizes blockchain technology to provide faster, cheaper, and more efficient cross-border payment solutions for banks and enterprises. It is touted as an alternative to the global banking settlement system SWIFT. The announcement also states that RLUSD can be used on the XRP Ledger and Ethereum blockchain, making it well-suited for financial use cases and allowing institutions to:
Facilitate instant settlement of cross-border payments
Gain liquidity for remittance and fund businesses
Seamlessly integrate with decentralized finance (DeFi) protocols
Establish a reliable bridge between traditional fiat and crypto ecosystems
Provide collateral for transactions involving tokenized real-world assets such as commodities, securities, and government bonds on the blockchain
Ripple claims to have processed payment volumes of $70 billion, covering nearly all global payment markets in over 90 countries.
The initial batch of exchanges listing RLUSD includes Uphold, Bitso, MoonPay, Archax, and CoinMENA. In the coming weeks, RLUSD will also be listed on platforms such as Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and Zero Hash.
Risk Warning
Cryptocurrency investments carry a high level of risk, and prices may fluctuate dramatically, potentially resulting in the loss of your entire principal. Please carefully evaluate the risks.
