Ripple Stablecoin RLUSD Will Be Launched on December 17

Key Points:

• Ripple stablecoin RLUSD will debut on December 17, 2024, with initial listings on exchanges like Uphold and Bitso.
• RLUSD is fully backed by US dollar deposits, government bonds, and cash equivalents.

Ripple officially announced that its USD-backed stablecoin, Ripple USD, or RLUSD for short, will go live on Tuesday, December 17, 2024.

Read more: Ripple Stablecoin To Launch Later This Year 100% Backed By U.S. Dollar 

Ripple Stablecoin RLUSD Unveiled

Initially, Ripple stablecoin RLUSD will be available for listing at Uphold, Bitso, Moonpay, Archax, and CoinMENA, whereas ultimately be listed at Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and Zero Hash. Deposits of the US dollar entirely back this, as do US government bonds and cash equivalents that also provide a stable value and secure entry and exit for users in digital assets.

Ripple’s entrance into the stablecoin space comes as demand for such assets rises. Stablecoins have effectively filled the gap in digital markets compared to their corresponding traditional markets and have found the widest applicability as sources of liquidity for trading, as mechanisms for cross-border payments, and increasingly as stores of value.

The new stablecoin is sure to carve out a share of the growing stablecoin market now dominated by Tether’s USDT and Circle’s USDC. The total market capitalization of the stablecoin has so far exceeded the $211 billion mark, with USDT holding a market share of $140 billion and USDC valued at $42 billion.

Ripple Expands Advisory Board and Plans Global Integration for RLUS

Ripple stablecoin RLUSD will run on both the XRP Ledger and Ethereum blockchains for scalability and a broad range of financial use cases. It also plans to integrate RLUSD into its global payment network, which has already processed more than $70 billion in payments across 90 markets worldwide.

Aside from the launch itself, Ripple has also grown its advisory board, adding Raghuram Rajan, former governor of the Reserve Bank of India, and Kenneth Montgomery, former COO of the Federal Reserve Bank of Boston, to its team. The other top-ranked people who joined the group are Sheila Bair, the former chair of the FDIC, and Ripple Co-founder Chris Larsen.