Ripple Launches RLUSD Stablecoin, Mints 4.5 Million Units, Awaits NYDFS Approval

Oct 15, 2024, 12:45 PM

Ripple has announced the launch of its new USD-denominated stablecoin, RLUSD, minting 4.5 million units within 24 hours. The company has revealed several exchange and platform partners, including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish. Market makers B2C2 and Keyrock will provide liquidity support. Ripple is awaiting regulatory approval from the New York Department of Financial Services (NYDFS) before the stablecoin becomes operationally ready for global distribution. Ripple president Monica Long stated that RLUSD is operationally ready. The announcement was made at the Ripple Swell event, where an advisory board for RLUSD was also introduced. RLUSD aims to challenge existing stablecoins such as Tether (USDT) and USDC in the competitive market.