Ripple has revealed its key exchange partners for Ripple USD (RLUSD), its upcoming USD-denominated stablecoin. RLUSD will be accessible to institutions and users through a network of global exchanges and platforms, including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish.
Ripple’s CEO, Brad Garlinghouse, noted that customers and partners have been looking for high-quality, regulated stablecoins to support various financial use cases, such as payments, tokenization of real-world assets, and decentralized finance (DeFi). RLUSD is set to be integrated into Ripple’s cross-border payment solutions, alongside XRP, to improve transaction speed and cost-efficiency.
RLUSD is issued under a New York Trust Company Charter, ensuring regulatory compliance. To oversee its introduction, Ripple has established an advisory board that includes former FDIC Chair Sheila Bair, former CENTRE Consortium CEO David Puth, and Ripple co-founder Chris Larsen.
Sheila Bair stated that stablecoins are expected to play a role in updating financial systems and promoting broader financial inclusion. David Puth stated that stablecoins, including RLUSD, could help bridge the gap between traditional finance and the crypto market by offering a stable medium for transactions.
RLUSD is designed to support several financial applications, combining the stability of traditional fiat currencies with the efficiency of blockchain technology. Ripple’s existing payment network, which operates in over 90 markets, will use RLUSD to facilitate cross-border payments. The stablecoin also serves as a bridge between fiat currencies and the cryptocurrency ecosystem, allowing users to seamlessly convert between the two.
In addition, RLUSD supports the tokenization of real-world assets (RWA), enabling institutions to trade assets such as commodities and securities on the blockchain. The stablecoin’s aim is to offer a stable exchange medium for these transactions, reducing volatility and transaction costs for institutional users.
Ripple’s partners have expressed their views on RLUSD’s introduction. Ivan Soto-Wright, co-founder and CEO of MoonPay, stated that stablecoins are expected to become increasingly important in the financial system. Daniel Vogel, CEO of Bitso, mentioned the potential for RLUSD to improve cross-border payments in Latin America, reflecting the longstanding relationship between Bitso and Ripple.
Other partners, such as Bullish and CoinMENA, also commented on RLUSD’s compliance and liquidity, noting that it could offer a regulated option for institutions seeking to engage with digital assets. B2C2 and Keyrock, two market makers, have committed to supporting RLUSD’s liquidity, aiming to make it widely accessible in institutional markets.
RLUSD will be supported on the XRP Ledger and Ethereum blockchains, marking a significant step in providing a compliant USD stablecoin for developers and users. Ripple’s commitment to regulatory oversight is reflected in RLUSD being 100% backed by US dollar deposits, government bonds, and cash equivalents. The company will publish monthly third-party audits of reserve assets to ensure transparency.
Ripple is currently awaiting regulatory approval from the New York Department of Financial Services (NYDFS) for the public rollout of RLUSD. In an interview with CoinDesk, Monica Long, President of Ripple Labs, stated that the company is operationally prepared for the launch, pending this final regulatory step.
