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Ripple has made alliances with exchanges to launch this new Cryptocurrency.
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If RLUSD is functioning properly, it should maintain price parity with the US dollar.
The Ripple company has announced that its new stablecoin, Ripple USD (RLUSD), will be available on global exchanges starting tomorrowDecember 17, 2024.
RLUSD, whose price must always be 1 dollar, will be backed by deposits in US dollars, US government bonds and cash equivalents, with the aim of ensuring its stability and liquidity.
Initially, RLUSD will be listed on platforms such as Uphold, Bitso, MoonPay, Archax and CoinMENA, with the expectation of including more exchanges such as Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, Zero Hash, among others, in the coming weeks.
To ensure transparency, Ripple will publish monthly audits of third parties on RLUSD reserve assets, carried out by an independent audit firm.
As CriptoNoticias reported, Ripple began to prove RLUSD on the XRP Ledger and mainnet Ethereum/” target=”_blank” rel=”noreferrer noopener”>Ethereum in early August, indicating a preparation for this launch.
After the Ripple USD announcement was made, the price of XRP, Ripple’s volatile cryptocurrency, had an upward movement:
The price of XRP rises as a result of this news. Source: CoinMarketCap.
Strategic importance for Ripple
The launch of RLUSD represents a significant step for Ripple as it not only expands its service portfolio beyond the XRP cryptocurrency and solutions for the banking industry, but also strengthens its position in the cryptocurrency market.
The stablecoin will allow institutions to facilitate instant settlements for cross-border payments, access liquidity for remittance and treasury operations, and serve as bridge between fiat currencies and the cryptocurrency ecosystem. It will also be available for private users who can purchase it on exchanges.
Ripple has formed an advisory board for RLUSD, which includes prominent figures such as Raghuram Rajan, former governor of the Reserve Bank of India, and Kenneth Montgomery, former vice president and COO of the Federal Reserve Bank of Boston, who will bring their expertise in regulation, finance and operations to ensure the stability and growth of RLUSD.
This development could position Ripple as a leader in creating standards for transparency and compliance in the stablecoin sector, especially with approval under the New York Limited Purpose Trust Company Charter, recognized as one of the regulatory standards. most rigorous worldwide.
Ripplethus, will compete against established giants of this industry such as Tether (USDT) and Circle (USDC).
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