According to a recent CoinDesk report, Ripple announced its exchange and market maker partners for the upcoming RLUSD, a dollar-pegged stablecoin, at the Ripple Swell 2024 conference in Miami, Florida. Additionally, former FDIC chair Sheila Bair and David Puth, ex-CEO of Centre (which set standards for USD Coin), joined the advisory board for the stablecoin.

Ripple, a blockchain service linked to the XRP Ledger, partnered with exchanges such as Bitstamp, Bitso, Bullish, CoinMENA, Independent Reserve, MoonPay, and Uphold to help distribute RLUSD initially. Market makers Keyrock and B2C2 will facilitate trading of the token.

Monica Long, Ripple Labs’ president, stated that the company is awaiting regulatory approval from the New York Department of Financial Services for the public launch of RLUSD but is operationally prepared. Ripple revealed plans earlier this year to enter the $170 billion stablecoin market, positioning RLUSD as a key player for payments and tokenization of real-world assets.

Stablecoins, increasingly used for cross-border payments and as a bridge between traditional currency and digital assets, are growing in popularity. Ripple aims to leverage RLUSD for payments and asset tokenization, seeing broader applications for tokenizing real-world assets such as securities, bonds, and real estate. Long emphasized the need for a trusted and reliable stablecoin to support these transactions.

RLUSD’s value will be backed by U.S. Treasuries, dollar deposits, and cash equivalents. It is currently in testing on the XRP Ledger and Ethereum networks, with monthly independent reserve attestations from accounting firm BPM. CEO Brad Garlinghouse suggested last month that RLUSD could launch within weeks.

Resources:

CoinDesk