As Ripple continues its legal proceedings with the United States Securities and Exchange Commission (SEC), the company has forged ahead with plans to launch its new dollar-pegged stablecoin, RLUSD. This significant announcement was made during the Ripple Swell 2024 conference on October 15, 2024, held in Miami, Florida. While Ripple is operationally prepared for the launch, it is presently awaiting the much-needed regulatory approval to bring RLUSD to the market.
RLUSD Core Members
Ripple has strategically assembled an elite advisory board to ensure the successful launch of its RLUSD stablecoin in the competitive cryptocurrency landscape. These board members include influential figures from various sectors, including government agencies and leading stablecoin organizations, such as Circle’s USDC. Notably, the team features Sheila Bair, the former head of the FDIC, a prominent U.S. government agency, and David Puth, the former CEO of Centre, known for its contribution to the creation of the widely celebrated stablecoin USDC.
RLUSD Distribution Partners
To facilitate the seamless distribution of RLUSD, Ripple has partnered with key exchanges such as Bitstamp, Bitso, Bullish MoonPay, and several others. These platforms will serve as the primary arenas where investors and traders can buy and sell RLUSD. Furthermore, to ensure liquidity on these exchanges, Ripple has collaborated with renowned crypto trading firms and market makers, including Keyrock and B2C2.
Awaiting Regulatory Approval
In a recent interview, Monica Long, President of Ripple Labs, shared insights into the company’s readiness to launch RLUSD. However, she highlighted that the firm is currently in a holding pattern, awaiting the crucial regulatory approval from the New York Department of Financial Services. Long emphasized, “For RLUSD and stablecoins generally, we have undeniably validated their utility with payments. We are also strong proponents of the broader trend of real-world asset tokenization. When we consider tokenizing beyond money to include instruments and capital markets like securities, bonds, real estate, and other assets, we require a stablecoin that is trusted, reliable, and robustly managed for both on and offramps.”
Backing and Testing of RLUSD
RLUSD is designed to be backed by secure assets, including U.S. Treasuries, dollar deposits, and cash equivalents. This ensures a stable and reliable foundation for the stablecoin. Currently, RLUSD is undergoing rigorous testing on both the XRP Ledger and the Ethereum network, two of the most prominent blockchain platforms available.
