Market makers B2C2 and Keyrock will provide liquidity for RLUSD, aiming to boost its acceptance across various markets. Ivan Soto-Wright, Co-founder and CEO of MoonPay, remarked, “We are impressed by Ripple’s dedication to enhancing the stablecoin landscape and creating new institutional applications with RLUSD.”
Ripple has established an advisory board for RLUSD, featuring notable members such as Sheila Bair, the former Chair of the Federal Deposit Insurance Corporation (FDIC); David Puth, the Vice Chairman of Partners Capital and former CEO of the CENTRE Consortium; and Chris Larsen, Co-founder and Executive Chairman of Ripple.
RLUSD is issued under a charter from a New York Trust Company, ensuring it operates under regulatory supervision.
Ripple has pinpointed various applications for RLUSD, such as facilitating cross-border transactions, providing on/off-ramps for cryptocurrency exchanges, and enabling the tokenization of real-world assets (RWA). This stablecoin will be incorporated into Ripple’s cross-border payment solutions, working in conjunction with XRP, the platform’s native cryptocurrency.
RLUSD will be launched on both the XRP Ledger and the Ethereum blockchains. Each RLUSD token will be secured by US dollar deposits, US government bonds, and cash equivalents. Ripple has pledged to release monthly, third-party audited reports from BPM, an accounting firm, regarding its reserve assets.
Daniel Vogel, CEO and Co-founder of Bitso, a cryptocurrency exchange in Latin America, expressed his enthusiasm: “We believe this new stablecoin will provide significant advantages for our clients and business partners across Latin America. We’re looking forward to deepening our collaboration with Ripple.”
The introduction of RLUSD signifies Ripple’s entry into the stablecoin sector, which has attracted increasing attention from both traditional finance and the cryptocurrency community.
As regulatory oversight of stablecoins becomes more stringent, Ripple’s strategy of integrating regulatory compliance with blockchain technology may position RLUSD as a key link between these two financial realms.
