Ripple has commenced the roll out of its RLUSD stablecoin on global exchanges Uphold, Bitso, MoonPay, Archax, and CoinMENA, with more in the pipeline.
RLUSD is an enterprise-grade, USD-denominated stablecoin offering support for instant payments, fiat to crypto conversion and the tokenization of real-world assets.
Key RLUSD partners include leading global exchanges, market makers, and payment providers, which will help to drive adoption and usage across the Americas, Asia-Pacific, UK, and Middle East regions.
News of the roll-out, on both the XRP Ledger and Ethereum blockchains, comes just days after the firm received approval from New York Department of Financial Services (NYDFS).
“Early on, Ripple made a deliberate choice to launch our stablecoin under the NYDFS limited purpose trust company charter, widely regarded as the premier regulatory standard worldwide," says Brad Garlinghouse, Ripple's CEO. "As the U.S. moves toward clearer regulations, we expect to see greater adoption of stablecoins like RLUSD, which offer real utility and are backed by years of trust and expertise in the industry."
He says that early next year, Ripple Payments will use RLUSD to facilitate global payments on behalf of its enterprise customers. Ripple Payments has served $70 billion in payments volume and counting, and has near-global coverage with 90+ payout markets, which represent more than 90% coverage of the daily FX market.
Raghuram Rajan, former governor of the Reserve Bank of India, and Kenneth Montgomery, former COO of the Federal Reserve Bank of Boston, will join the RLUSD advisory board to provide guidance on regulatory, financial, and operational aspects to support stability and growth.
They join a formidable list of advisory personnel, including former Federal Deposit Insurance Corporation (FDIC) chair Sheila Bair, vice chairman of Partners Capital and former CENTRE Consortium CEO David Puth, and Ripple co-founder and executive chairman Chris Larsen.
Says Montgomery: “Stablecoins are rapidly emerging as a cornerstone of the payments landscape, delivering the speed, efficiency, and cost-effectiveness that traditional systems often struggle to achieve. I look forward to collaborating with the Ripple team to support the global growth and adoption of RLUSD, unlocking new opportunities for financial inclusion and modernizing the future of payments.”