[NEWS] Ripple's stablecoin "RLUSD" to be released on the 17th

On the 16th, Ripple announced that it will release the US dollar-linked stablecoin RLUSD, approved by the New York State Department of Financial Services (NYDFS) last week, on the 17th (US time). It is expected to be available for trading on cryptocurrency exchanges in various countries.

According to the announcement, it will first be available on cryptocurrency exchanges such as Uphold, Bitso, MoonPay, Archax, and CoinMENA, and will be listed on Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, Zero Hash, and others in the coming weeks.

RLUSD is a US dollar-linked stablecoin backed by US dollar deposits, US government bonds, and cash equivalents. To ensure transparency, the company will publish a monthly certificate of reserve assets for RLUSD conducted by an independent auditing company.

Ripple CEO Brad Garlinghouse said in the announcement, "We made the conscious choice to launch our stablecoin under a NYDFS limited purpose trust company license, which is widely recognized as the highest regulatory standard in the world," and continued, "As the U.S. moves toward greater regulatory clarity, we expect adoption of stablecoins like RLUSD to grow."

In the future, Ripple's international remittance solution, Ripple Payments, will also facilitate payments using RLUSD.

Ripple also revealed in its announcement that RLUSD’s advisory board will include Raghuram Rajan, former governor of the Reserve Bank of India, and Kenneth Montgomery, former first vice president and COO of the Federal Reserve Bank of Boston.

Other members of the advisory board include Sheila Bair, former governor of the Federal Deposit Insurance Corporation (FDIC), and Chris Larsen, co-founder and executive chairman of Ripple.

Reference: Announcement
Image: Shutterstock

Related articles

Ripple's RLUSD approved by New York State Department of Financial Services

Ripple's CTO Discusses Stablecoin Strategy — An Exclusive Interview with David Schwartz