Ripple has announced that its new stablecoin, Ripple USD (RLUSD), will start trading globally tomorrow, December 17.
RLUSD is a stablecoin backed by the U.S. dollar and received approval from the New York Department of Financial Services (NYDFS) on December 10. This approval allows it to enter both the global financial and cryptocurrency markets.
Ripple has also formed an advisory board for RLUSD, including notable experts like a former Reserve Bank of India governor.
Ripple introduced its RLUSD stablecoin in June, which was backed 1:1 by U.S. dollars with support from U.S. government bonds and other cash equivalents.
At launch, RLUSD will be available on major platforms like Uphold, MoonPay, Archax, and CoinMENA. In the coming weeks, it will also be listed on platforms such as Bitso, Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and Zero Hash.
Ripple aims for global adoption of RLUSD, planning to expand its use across the Americas, Asia-Pacific, the U.K., and the Middle East through its partner network.
Ripple plans for its RLUSD stablecoin to be used not just as a regulated stablecoin but also as a tool for cross-border payments and Treasury remittances.
In early 2025, Ripple will integrate RLUSD into its digital payment system, Ripple Payments, to help global payments for enterprise customers. Ripple Payments has already processed $70 billion across 90 markets.
RLUSD will also be compatible with decentralized finance (DeFi) protocols and will offer support for on-ramp and off-ramp services. It will be used as collateral for trading tokenized real-world assets like commodities, securities, and treasuries on blockchain platforms.
Also Read: Former RBI Governor Raghuram Rajan Joins Ripple Advisory
