Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesBotsEarnCopy
Ripple Partners with Leading Exchanges to Launch RLUSD Stablecoin

Ripple Partners with Leading Exchanges to Launch RLUSD Stablecoin

Cryptodnes2024/10/15 21:09
By:Cryptodnes

Ripple has disclosed its partners for the launch of its dollar-backed stablecoin, Ripple USD (RLUSD).

This initiative includes collaborations with various cryptocurrency exchanges, such as Uphold, Bitstamp, and MoonPay, to ensure the stablecoin’s effective distribution.

The company aims for RLUSD to become a leading choice for enterprise-level stablecoins. Ripple’s CEO, Brad Garlinghouse, noted that clients have expressed a need for high-quality stablecoins for diverse financial applications, including payments and decentralized finance. He emphasized that the new payment solution will utilize RLUSD alongside the XRP token to enhance the efficiency of international transactions.

Unique to RLUSD is its issuance under a New York Trust Company Charter, which subjects it to rigorous regulatory scrutiny. Ripple’s commitment to compliance is underscored by the appointment of former FDIC Chair Sheila Bair to its advisory board, who highlighted the essential role of stablecoins in modernizing financial systems and fostering inclusion.

READ MORE:
Australia Launches Its First Ethereum (ETH) ETF

Mainnet testing for RLUSD began on August 9 across the XRP Ledger and Ethereum networks. The stablecoin is designed to be overcollateralized, with each unit backed by U.S. dollar reserves. Ripple also commits to third-party audits of these reserves and intends to publish monthly transparency reports.

This development follows a significant legal ruling on August 7, which imposed a $125 million penalty on Ripple Labs due to an ongoing case with the U.S. Securities and Exchange Commission initiated in 2020.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Altcoin Breakout Signals Bullish Momentum Ahead

Altcoins are gearing up for a major breakout as market momentum shifts. Here's what you need to know.Altcoins Set to Surge as Market Momentum BuildsFactors Driving the Altcoin BreakoutWhat to Watch Moving Forward

Coinomedia2025/03/23 09:11

U.S. Sells Gold Cards for $5M Each—Debt Solution?

The U.S. sold 1,000 gold cards at $5 million each. Can this help reduce the growing national debt crisis?A $5 Billion Gold RushCan It Fix the Debt Crisis?What’s Next?

Coinomedia2025/03/23 09:11

Jed McCaleb Bets $1B on Space Startup Vast Space

Crypto billionaire Jed McCaleb invests $1B in Vast Space to build the first commercial space station.From Crypto to the CosmosWhat Is Vast Space Planning?Crypto Funding the Final Frontier

Coinomedia2025/03/23 09:11
Jed McCaleb Bets $1B on Space Startup Vast Space

Bitcoin Sharpe Ratio Nears “Low Risk” Zone for Entry

Bitcoin’s Sharpe Ratio is nearing the “Low Risk” zone. A prime buying opportunity could be close!Sharpe Ratio Signals Potential Buying WindowWhy Sharpe Ratio Matters for BTCTiming the Next Move

Coinomedia2025/03/23 09:11
Bitcoin Sharpe Ratio Nears “Low Risk” Zone for Entry