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Ripple to Launch U.S. Dollar-Pegged RLUSD Stablecoin on Tuesday Amid XRP Surge

Dec 16, 2024, 04:13 PM

Ripple, a blockchain company, is set to launch its new U.S. dollar-pegged stablecoin, Ripple USD (RLUSD), on Tuesday, December 17, 2024. RLUSD will be available on multiple platforms including Uphold, MoonPay, Archax, CoinMENA, and Bitso, with plans for further listings on exchanges like Bullish, Bitstamp, and Mercado Bitcoin in the coming weeks. The stablecoin is fully backed by U.S. dollar deposits, government bonds, and cash equivalents, aiming to maintain a steady price at $1. Ripple's CEO, Brad Garlinghouse, emphasized the company's deliberate choice to launch under the New York State Department of Financial Services (NYDFS) limited purpose trust company charter, which is considered a high-level regulatory framework internationally. The launch follows a significant surge in XRP's value, with the token reaching a seven-year high earlier in the month. Ripple aims to leverage RLUSD for cross-border payments, liquidity management, DeFi integration, and tokenized asset trading, with plans to integrate it into its Ripple Payments platform in early 2025. The company has also added former central bankers Raghuram Rajan and Kenneth Montgomery, along with Sheila Bair and Chris Larsen, to its stablecoin advisory board.