Today, Ripple has launched RL USD, the long-awaited new stablecoin. Backed by five major crypto exchanges, this marks a big step for Ripple in the digital financial world. What makes RL USD different, and how will it impact the crypto market? Let’s dive in.
Ripple announced that RL USD will be available globally starting December 17, 2024. In its official statement, the company highlighted that RL USD was designed with a focus on utility, trust, and regulatory compliance. This stablecoin secured approval from the New York Department of Financial Services (NYDFS), a major milestone made possible through Ripple’s acquisition of licensed financial firm Standard Custody earlier this year.
According to Brad Garlinghouse, Ripple’s CEO, RL USD’s compliance with NYDFS standards provides a solid foundation for broader adoption. In a post on X, he emphasized that the stablecoin is designed for everyone, from institutional investors to retail users.
Ripple confirmed that RL USD will launch on five major exchanges: Archax, Bitso, CoinMENA, MoonPay, and Uphold
In the coming weeks, more exchanges will add RL USD, including Mercado Bitcoin, Bitstamp, and Bullish. This widespread support highlights Ripple’s commitment to building a strong ecosystem for its stablecoin.
What makes RL USD attractive? The stablecoin is backed by assets such as U.S. government bonds, USD deposits, and other cash-equivalent assets. Ripple is also committed to transparency, publishing monthly reports on the stablecoin’s reserves through independent third parties.
RL USD will be available on two blockchain networks: XRP Ledger (XRPL) and Ethereum. This allows users to utilize the stablecoin for various use cases, from payments to storing value, reducing exposure to crypto market volatility.
Ripple further enhances RL USD’s credibility with an advisory board consisting of prominent financial figures, including:
• Chris Larsen, Co-founder of Ripple
• Sheila Bair, former Chair of the FDIC
• David Puth, former CEO of CENTRE Consortium
Two new members have also been added: Raghuram Rajan, former Governor of India’s Central Bank, and Kenneth Montgomery, former COO of the Federal Reserve Bank of Boston. This board will provide strategic guidance to ensure RL USD’s stability and growth in the future.
Interestingly, the RL USD launch has directly impacted XRP’s price. In the last 24 hours, XRP rose by 3.72%, reaching $2.49, with a weekly gain of 14.21%. XRP’s market capitalization now stands at $142.44 billion, once again making it the third-largest cryptocurrency in the world.
The launch of RL USD isn’t just about adding another stablecoin to the market; it solidifies Ripple’s position as a major player in digital finance. With strong regulatory backing, transparent features, and broad exchange support, RL USD holds immense potential to reshape the stablecoin landscape.
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