Key Takeaways:
- Launch Date & Reach: Ripple’s RLUSD stablecoin will launch on December 17 on the XRP Ledger and Ethereum networks, initially accessible via platforms like Uphold, MoonPay, and Archax.
- Regulatory Approval: RLUSD is fully backed and received approval from NYDFS, marking Ripple’s strategic move to meet the “gold standard” of U.S. stablecoin regulations.
- Global Impact: Advisory board expansion includes Raghuram Rajan and Kenneth Montgomery as Ripple targets global regions, though European rollout faces delays due to MiCAR licensing.
Ripple is set to launch its U.S. dollar-backed stablecoin, RLUSD, on December 17, making it accessible on the XRP Ledger and Ethereum networks.
The stablecoin has received approval from the New York Department of Financial Services (NYDFS), ensuring credibility and compliance.
The wait is over: RLUSD launches globally tomorrow!https://t.co/mYcyyX6Vre
— Ripple (@Ripple) December 16, 2024
RLUSD will initially be distributed on platforms like Uphold, MoonPay, Archax, and CoinMENA, with listings on major exchanges such as Bitso, Bullish, and Bitstamp in the coming weeks.
Ripple has also expanded its advisory board, bringing in Raghuram Rajan, former Governor of India’s Reserve Bank, and Kenneth Montgomery, ex-COO of the Federal Reserve Bank of Boston.
RLUSD is fully backed by U.S. dollar deposits, government bonds, and cash equivalents to maintain its $1 peg.
Entering a competitive market dominated by Tether’s USDT ($140B) and Circle’s USDC ($40B), RLUSD aims to provide liquidity and utility in digital finance.
Despite global availability, access in the EU is delayed pending MiCAR regulatory compliance.
As RLUSD goes live, there may be supply shortages in the very early days before the market stabilizes. There actually is someone willing to pay $1,200/RLUSD for a tiny fraction of one RLUSD. Tools will show you the highest price anyone is willing to pay, even if it's just for a… https://t.co/LOx4rGiiiJ
— David "JoelKatz" Schwartz (@JoelKatz) December 15, 2024
Ripple CTO David Schwartz cautioned against speculative trading amid potential early volatility due to limited supply and high demand.
CEO Brad Garlinghouse emphasized Ripple’s focus on regulatory clarity, positioning RLUSD to bridge traditional finance and blockchain as global adoption of stablecoins grows.
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