- The debut date of Ripple’s RLUSD stablecoin is Tuesday, December 17.
- An independent auditing firm will be hired by the company to produce attestations of RLUSD reserve assets, which will thereafter be released on a monthly basis.
December 17 is the launch date of Ripple’s eagerly awaited U.S. dollar-pegged stablecoin.
Tomorrow, RLUSD will be accessible on international exchanges. U.S. dollar deposits, U.S. government bonds, and cash equivalents provide complete backing for each RLUSD token.
To encourage transparency, an independent auditing firm would be entrusted with producing attestations of RLUSD’s reserve assets, Ripple added. Every month, the attestations will be released.
Together with other well-funded cryptocurrency companies like Tether, Circle, and Ethena, Ripple is entering a competitive stablecoin issuer market. PayPal, a conventional fintech company, also introduced its own stablecoin that is based on the dollar. Tether is currently the undisputed market leader with a supply of more than $140 billion issued.
In the beginning, Ripple purposefully chose to introduce our stablecoin under the NYDFS limited purpose trust business charter, which is generally recognized as the highest regulatory standard in the world. We anticipate a rise in the use of stablecoins like RLUSD as the US moves toward more transparent rules.
The New York State Department of Financial Services granted Ripple the final permission for RLUSD last week.
According to the company, Ripple Payments will use RLUSD to process transactions for its business clients by the beginning of next year. The total amount of payments handled by Ripple Payments is $70 billion.
At first, RLUSD will be accessible on Ethereum and the XRP Ledger. Nevertheless, it intends to gradually extend to more blockchains as well as decentralized finance protocols and applications.
Additionally, Ripple stated that the stablecoin will first be listed on Uphold, MoonPay, Archax, and CoinMENA. In the upcoming weeks, more listings are anticipated on Bitso, Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, Zero Hash, and other platforms.
As one of the original launch partners of Ripple’s first stablecoin solution, RLUSD is well-positioned to contribute significantly to the development of digital payments, enterprise finance, and other areas.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
