[NEWS] Ripple Announces Global Trading Partners for Stablecoin RLUSD

Ripple has unveiled the major global exchange partners for its soon-to-be-released USD-pegged stablecoin, Ripple USD (RLUSD). The stablecoin will be available for institutional and individual users through a network of prominent cryptocurrency exchanges and platforms, including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish.

Ripple is currently awaiting approval from the New York State Department of Financial Services (NYDFS) for the public launch of RLUSD.

In a statement, Ripple CEO Brad Garlinghouse expressed confidence in RLUSD, stating:

"With our first partners, the clear utility and demand for RLUSD, and a strong emphasis on regulatory compliance, Ripple's stablecoin is poised to become the gold standard for enterprise-grade stablecoins. Our customers and partners are seeking high-quality stablecoins like RLUSD for a variety of financial use cases, including payments, tokenization of real-world assets (RWA), and decentralized finance. Our payment solutions, utilizing RLUSD, XRP, and other digital assets, enable faster, more reliable, and cost-efficient cross-border payments."

Market makers like B2C2 and Keyrock will ensure RLUSD's liquidity, promoting its broader adoption by maintaining stability in the trading markets.

RLUSD Advisory Board Established

RLUSD will be issued under the New York Trust Company Charter, ensuring regulatory compliance. To oversee its rollout, Ripple has formed the RLUSD Advisory Board, which will monitor the responsible introduction and operation of RLUSD in the market. The board will also balance regulatory compliance with market growth in the broader stablecoin sector.

As part of its commitment to transparency, Ripple will publish monthly third-party audit reports confirming that RLUSD is 100% backed by USD deposits, treasury bonds, and cash equivalents, bolstering trust among customers and investors.

Prominent figures on the advisory board include former FDIC Chair Sheila Bair, former CEO of the CENTRE Consortium (which manages USDC), David Puth, and Chris Larsen, Ripple's co-founder and chairman.

Bair emphasized that stablecoins, like RLUSD, have the potential to evolve the financial system and promote broader financial inclusion. She also highlighted that RLUSD can help bridge the gap between traditional finance and the crypto markets by providing a stable medium for transactions.

A Stablecoin Bridging Traditional Finance and Blockchain

RLUSD is designed to combine the stability of traditional fiat currencies with the efficiency of blockchain technology, supporting a wide range of financial applications. Operating across more than 90 markets, Ripple’s payment network is expected to leverage RLUSD to further enhance cross-border payments.

RLUSD will also act as a bridge between fiat currencies and the crypto ecosystem, enabling users to seamlessly exchange between the two.

In addition, RLUSD will support the tokenization of real-world assets (RWA), allowing institutional investors to trade assets such as commodities and securities on the blockchain. Ripple aims to further cement its leadership and trust in the payments market through the circulation of stablecoins like RLUSD. 

Reference: Ripple announcement
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