Ripple Unveils RLUSD Stablecoin Partners and Advisory Board, Eyes Launch in 2024

Ripple made headlines at the 2024 Ripple Swell conference in Miami by revealing key partners and developments for its upcoming stablecoin, RLUSD. Tied to the U.S. dollar, RLUSD is set to play a significant role in Ripple’s vision of expanding into the stablecoin market. The company has enlisted exchanges like Bitstamp, Bitso, Bullish, CoinMENA, Independent Reserve, MoonPay, and Uphold to manage the initial distribution of RLUSD, while crypto trading firms Keyrock and B2C2 will act as market makers. The partnerships signal Ripple’s readiness to dive into the $170 billion stablecoin space, which has become crucial for transactions, particularly across borders.

Ripple also announced that Sheila Bair, former chair of the Federal Deposit Insurance Corporation (FDIC), and David Puth, ex-CEO of Centre (the consortium behind USD Coin), will join its advisory board. These high-profile additions underscore Ripple’s aim to strengthen its regulatory credibility as it awaits approval from the New York Department of Financial Services for the public release of RLUSD. Ripple Labs’ president, Monica Long, assured that operational preparations are already complete.

Ripple’s broader ambition is to capitalize on the growing demand for stablecoins, which are increasingly vital in the crypto world as they facilitate seamless transitions between traditional fiat currencies and blockchain-based assets. RLUSD is part of Ripple’s plan to bridge tokenization of real-world assets like securities, bonds, and real estate, positioning it as a reliable, well-regulated stablecoin that can enhance these emerging digital markets.

In the interim, RLUSD is being tested on the XRP Ledger and Ethereum networks. The coin will be backed by short-term U.S. Treasuries and dollar deposits, and its reserves will be independently verified each month by BPM, a San Francisco-based accounting firm. Ripple CEO Brad Garlinghouse hinted that RLUSD could be officially launched within weeks.

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