According to the latest development, Ripple USD (RLUSD) will be available on global exchanges starting December 17.
“Each RLUSD token is fully backed by US dollar deposits, US government securities, and cash equivalents,” Ripple said. To ensure transparency, an independent auditing firm will conduct monthly certifications of RLUSD’s reserve assets, which will be published for public review.
The launch puts Ripple in direct competition with other stablecoin issuers, including Tether, Circle, and Ethena, as well as fintech giant PayPal, which recently launched its own stablecoin. With a supply of over $140 billion, Tether remains the market leader in the stablecoin space.
Ripple CEO Brad Garlinghouse highlighted the company’s regulatory approach in his statement, stating that RLUSD was developed under the New York State Department of Financial Services (NYDFS) limited purpose trust company statute.
“Ripple made a conscious choice early on to launch our stablecoin under the NYDFS regulation, which is widely recognized as the leading regulatory standard worldwide,” Garlinghouse said. “As the U.S. moves toward clearer regulation, we expect to see increased adoption of stablecoins like RLUSD.”
RLUSD will run on both the XRP Ledger and Ethereum blockchains at launch, with plans to expand its reach to additional blockchains and decentralized finance (DeFi) protocols in the future.
*This is not investment advice.
