Ripple revealed its first stablecoin Ripple USD and its ecosystem partners ahead of the launch.
Ripple, a blockchain-based payments and infrastructure provider, announced the RLUSD partnership at RippleSwell Miami in Miami on October 15.
In a recent press release Ripple announced that it would be launching its new stablecoin with the support of crypto exchanges Uphold Bitstamp CoinMENA and Bitso.
The exchanges will handle RLUSD’s distribution once it is live.
Ripple has partnered with B2C2 for support in the area of liquidity, as well as Keyrock.
We’re excited to announce RippleUSD exchange partners today at #RippleSwell. Upon regulatory approval, $RLUSD will be globally available for institutions and users from @UpholdInc, @BitStamp, @Bitso, @Moonpay, @Indereserve, @CoinMENA, and @Bullish..COM ripple.com/ripple-press/r…
RLUSD launch
Ripple’s RLUSD stablecoin was announced earlier this year. The plan outlined the native issuance of the stablecoin on the XRP Ledger network and Ethereum (ETH).
Reserves for the new stablecoin include US Treasury bills, USD Deposits, and Cash Equivalents.
Ripple’s position in the Ripple ecosystem is likely to be a big advantage, as stablecoins are a key component in the expanding cross-border payment and transfer market. Ripple’s CEO Brad Garlinghouse stated:
Our customers and partners are asking for stablecoins of high quality, like RLUSD, to be used in various financial applications, including payments, tokenizations of real assets and decentralized financing. Our payment solutions leverage RLUSD and XRP as well as other digital assets in order to facilitate faster, cheaper, and more reliable cross-border transactions.
The role of RLUSD in the tokenization drive is also crucial to its launch. Real-world assets being brought on the blockchain is one of the most rapidly-growing segments of the crypto and blockchain ecosystem.
The market for tokenized US Treasury bonds, according to rwa.xyz’s data, is worth $2.2 billion.
Ripple intends to use the stablecoin not only to bridge RWAs with securities, bond, and real-estate but to also provide an on/off ramp for ecosystem.
Stablecoin market dominance
In July 2023, the US Securities and Exchange Commission was declared to be in violation of law by a US court that declared XRP a cryptocurrency created by Ripple as not being a security.
Ripple filed an appeal in response to the SEC’s notice of appellation filed about the December 2020 case.
The company has not let this news event dim the light on its upcoming stablecoin pegged to the US dollar.
Ripple enters a market that is dominated by Tether and Circle. These are the two biggest stablecoins in the world by market capitalization, USDT and USDC. PayPal has also released its PYUSD stablecoin.
According to RippleLabs’ president Monica Long, RLUSD has reached “operational readiness”. The New York Department of Financial Services must approve the public launch before it can be launched.
The post Ripple announces its exchange partners for its RLUSD Stablecoin could be updated as new information becomes available.
