Ripple USD stablecoin is ready for trading tomorrow.
Ripple, the blockchain company behind XRP, has confirmed that its Ripple USD (RLUSD) stablecoin will begin global trading tomorrow, December 17.
RLUSD, a new stablecoin backed by the United States dollar developed by Ripple, has been launched for international currency, the company announced on Monday, December 16 Cointelegraph.
The announcement comes after the New York Department of Financial Services (NYDFS) approved the launch of RLUSD on December 10, green-lighting the stablecoin's entry into the global financial and cryptocurrency markets.
Ripple also announced key appointments to the RLUSD Advisory Board, including a former governor of the Reserve Bank of India.
RLUSD Availability First Places
Introduced in June, RLUSD is a 1:1 dollar-backed stablecoin backed 100% by US dollar deposits, short-term US government Treasuries and other currencies.
At launch, Ripple's RLUSD stablecoin will be available on major crypto platforms and exchanges, including Uphold, MoonPay, Archax and CoinMENA, the announcement said.
In the coming weeks, RLUSD is expected to be listed on platforms such as Bitso, Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, Zero Hash and others.
Targeting the global adoption of the RLUSD stablecoin, Ripple expects its partner network to push its usage in the Americas, Asia-Pacific, United Kingdom and Middle East regions.
RLUSD is coming to global payments as early as 2025.
In addition to offering a new enterprise-grade regulated stablecoin, Ripple plans to use RLUSD as a cross-border settlement and treasury transfer tool.
Ripple plans to integrate RLUSD into a digital payment protocol, Ripple Payments, in early 2025 to facilitate global payments for its corporate customers.
Ripple USD (RLUSD) shows details on global exchanges, central exchanges and payment service providers. Source: Ripple
The company says Ripple Payments has generated $70 billion in transactions across 90 markets worldwide.
In addition, RLUSD is expected to feature decentralized financial protocols, ramp and ramp support, as well as underwriting for on-chain trading of real-world assets such as commodities, securities, and treasuries.
Bank officials join the RLUSD Advisory Board
Ripple's USD currency debut comes with several key appointments to the advisory board for the stablecoin.
Raghuram Rajan, former Governor of the Reserve Bank of India, and Kenneth Montgomery, former First Vice President and Chief Executive Officer of the Federal Reserve Bank of Boston, will join the RLUSD Advisory Board.
Raghuram Rajan served as the 23rd Governor of the Reserve Bank of India from September 2013 to September 2016. Source: Bloomberg
Rajan and Montgomery will be tasked with providing strategic guidance on regulatory, financial and operational matters to support the stability and growth of RLUSD.
Related: RLUSD stablecoin increases demand for XRP – Axelar co-founder
“Stablecoins can become the backbone of personal payments by providing a secure, scalable and efficient alternative to traditional systems,” said Rajan.
“RLUSD aims to establish new standards of trust and play a critical role in shaping the future of payments while focusing on respectability and reliability.”
“Stablecoins are rapidly emerging as a corner of the payments landscape, delivering speed, efficiency and cost-effectiveness that traditional systems often struggle to achieve,” Montgomery said.
The advisory board includes former Federal Deposit Insurance Corp. Chair Sheila Byrne, Partners Capital Vice Chair and former Center Consortium CEO David Putt, and Ripple Founder and CEO Chris Larsen.
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