Ripple has announced the exchange partners for its upcoming dollar-denominated stablecoin, Ripple USD (RLUSD). The blockchain infrastructure provider has partnered with cryptocurrency exchanges and platforms, including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish, to facilitate the distribution of the stablecoin.
Ripple’s new stablecoin aims to become the “gold standard for enterprise-grade stablecoins,” according to Ripple CEO Brad Garlinghouse, who wrote in an Oct. 15 post announcement. Garlinghouse added that Ripple’s payment solution will use RLUSD and the XRP (XRP) token to enable faster and more cost-effective cross-border payments.
Stablecoins are the main on-ramp between the traditional and crypto economies. Issuing more stable and compliant coins could increase cryptocurrency adoption, making stable coins more accessible globally.
Regulatory compliance is critical for Ripple’s RLUSD. Ripple’s RLUSD is one of the few stablecoins issued under a New York Trust Company Charter, aimed at stricter supervision. With a significant focus on regulatory compliance, Ripple’s advisory board includes former U.S. Federal Deposit Insurance Corporation (FDIC) Chairman Sheila Bair.
Ripple’s RLUSD started testing its mainnet in August. Ripple’s RLUSD stablecoin was deployed on August 9 for testing on the XRP public ledger (XRPL) and Ethereum mainnets. According to Ripple Labs, this is the upcoming stablecoin there will be overcollateralization, meaning that each unit of RLUSD is backed 1:1 by US dollar reserves or short-term cash equivalents. Ripple also promised third-party audits of the underlying cash assets and monthly reports on reserves to ensure transparency and accountability.
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