The ripple goes launch its US dollar-pegged stablecoin, Ripple USD (RLUSD), on December 17 on XRP Ledger and Ethereum.
According to the December 16 announcement, each RLUSD token will be fully backed by US dollar deposits, government bonds and cash equivalents.
The stablecoin will initially be available on Uphold, Bitso, MoonPay, Archax and CoinMENA. In the coming weeks, the company plans to expand to leading platforms such as Bullish, Bitstamp and Mercado Bitcoin.
Additionally, Ripple will provide third-party certifications of RLUSD reserves on a monthly basis, which will be audited by an independent firm.
Ripple CEO Brad Garlinghouse said the company plans to launch RLUSD under the New York State Department of Financial Services (NYDFS) limited purpose trust company charter. He added:
“As the United States moves toward clearer regulations, we expect to see greater adoption of stablecoins like RLUSD, which provide real utility and are backed by years of trust and expertise in the sector.”
Strategic partnerships
The announcement included Ripple’s various partnerships with global exchanges, market makers and payment providers to position RLUSD for widespread adoption in the Americas, Asia Pacific, UK and Middle East. -East.
However, it does not include any information about the EU, indicating that the stablecoin may not be widely available in the region due to the recent implementation of the Markets in Crypto Assets (MiCA) regulation and its impact on stablecoin issuers.
Among the use cases Ripple envisions are cross-border payments, liquidity management, integration with DeFi, and trading of tokenized assets.
Additionally, the company’s business-facing payments platform, Ripple Payments, will integrate RLUSD early next year.
