Representatives of Ripple announced their partners for the launch of the RLUSD stablecoin
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Johny Smith
2024/11/08
3 mins read
At the Ripple Swell 2024 conference in Miami, Ripple announced collaboration with a number of exchanges and market makers to launch its new stablecoin RLUSD, pegged to the US dollar. The company’s partners include Bitstamp, Bitso, Bullish, CoinMENA, Independent Reserve, MoonPay and Uphold, which will provide access to RLUSD for users. The role of market makers at the start will be taken on by Keyrock and B2C2, providing liquidity for the token and helping to stabilize its market value.
For Ripple, this project represents an important step in expanding the infrastructure of digital assets and promoting the company in the global stable coin market, which already exceeds $170 billion. As noted by Ripple Labs President Monica Long, the organization is awaiting approval from the New York State Department of Financial Services (NYDFS) , after which RLUSD will become available to a wider audience.
The specialist emphasized that Ripple is “operationally ready” for launch, which means it has all the necessary conditions and partners to quickly enter the market after receiving permits. The company also strengthened its board of advisors with former Federal Deposit Insurance Corporation (FDIC) Chairman Sheila Baer and David Puth, former CEO of the Center consortium that set the standard for the USD Coin (USDC) stablecoin.
Analysts say the appointments demonstrate Ripple’s commitment to ensuring strong oversight and transparency in the management of RLUSD, as well as strengthening its position as a trusted player in the financial services market.
Ripple plans to use the new stablecoin as a bridge to tokenize real-world assets, including securities, bonds and real estate. This, according to company representatives, creates the potential for significant improvements in cross-border payment processing and allows users to access traditional currencies within the blockchain ecosystem. “We believe in the trend of tokenization of real assets and see the need for a stable and securely managed currency for such purposes,” Long said.
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