Ripple President Unveils Plans to Integrate XRP and RLUSD into Payment Solutions
- Ripple, the company behind cross-border solutions has gained attention from market observers after an announcement of the RLUSD launch.
- Ripple is committed to ensuring transparency for both investors and users by releasing monthly reports from independent third parties that verify the reserves backing RLUSD.
On October 15, Ripple’s president Monica Long announced the entry of Ripple into the rapidly expanding stablecoin market, a launch of its new enterprise-grade stablecoin called “Ripple USD”(RLUSD). On the social media platform X, Ripple also announced the development of RLUSD, prompting reactions from notable Monica Long and other figures in the cryptocurrency community.
Today at #RippleSwell, we’re proud to announce our Ripple USD exchange partners.
Upon regulatory approval, $RLUSD will be globally available for institutions and users from @UpholdInc, @BitStamp, @Bitso, @Moonpay, @Indereserve, @CoinMENA, and @Bullish. https://t.co/iZ7L1MHpn3
— Ripple (@Ripple) October 15, 2024
The president disclosed this on the first day of the Miami Ripple Swell 2024 conference. Once the New York Department of Financial Services (NYDFS) approves the stablecoin’s launch, RLUSD will be accessible on several platforms, including Bitstamp, a European cryptocurrency exchange founded in 2011, The Independent Reserve, Bitso, MoonPay, CoinMENA, Bullish, and Uphold.
Additionally, the firm partnered with B2C2, a global leader in institutional liquidity for digital assets, and Keyrock as market makers to facilitate the creation of liquidity and adoption across global markets. It is worth noting that the former Center Consortium CEO David Puth and Former FDIC Chair Sheila Bair are appointed to the RLUSD advisory board.
Ripple’s RLUSD: Highlighted Features
One of the key features of RLUSD is its compliance-first approach. Ripple emphasizes regulatory adherence in the design of the stablecoin, with plans to publish monthly attestations of its reserves by an independent accounting firm. This is particularly relevant as Ripple has navigated complex legal challenges, including an ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC).
The introduction of RLUSD is seen as a strategic move to bolster Ripple’s position in the market. The stablecoin aims to provide solutions for cross-border payments, on and off-ramps for cryptocurrency exchanges, DeFi, and real-world asset (RWA) tokenization.
Ripple’s CEO, Brad Garlinghous stated that the stablecoin will first be launched on the XRP Ledger and Ethereum networks, enabling real-time transactions and the conversion between fiat and digital currencies.
RLUSD is designed to connect traditional finance with the digital world, offering a secure way for users to trade in and out of cryptocurrency markets without the stress of price fluctuations. It also aims to encourage quicker adoption of digital currencies by creating an entry point into the blockchain ecosystem.
Ripple’s advisory board members have highlighted the critical need for stability and compliance as the digital economy evolves. Sheila Bair remarked that “stablecoins will play a key role in modernizing financial infrastructure.”
As per our data, Ripple’s trading volume has increased by 7.80% over the last 24 hours with a market cap of $ 30.78 billion. Despite its 0.39% price drop in the last 24 hours, XRP is currently trading at $0.5453.
