Ripple Labs Names Exchange Partners and Market Makers for Its Upcoming Stablecoin, RLUSD
Stablecoins: A Growing Market with Increasing Popularity
The market for stablecoins has been rapidly growing, reaching a value of $170 billion. These digital assets serve as a bridge between traditional government-issued money and blockchain-based digital assets, making them increasingly popular for cross-border transactions and as payment vehicles for goods and services, especially in emerging markets.
Ripple’s Plans to Enter the Stablecoin Market
In an effort to leverage its established position for payments and become a key bridge for tokenization of real-world assets, Ripple Labs is planning to issue its own stablecoin, RLUSD. The company aims to capitalize on the growing demand for stablecoins and provide a reliable solution for users.
RLUSD: Operationally Ready, Awaiting Regulatory Approval
Ripple’s President, Monica Long, stated in an interview with CoinDesk that the token is "operationally ready" and awaiting regulatory approval from the New York Department of Financial Services. The company has partnered with several exchanges, including Bitstamp, Bitso, Bullish, CoinMENA, Independent Reserve, MoonPay, and Uphold, to distribute RLUSD at the start.
Exchange Partners for RLUSD
Ripple has partnered with the following exchanges for the distribution of RLUSD:
- Bitstamp: A popular cryptocurrency exchange that offers a wide range of trading pairs.
- Bitso: A Mexican-based cryptocurrency exchange that provides access to various digital assets.
- Bullish: A cryptocurrency exchange that is part of the Centre consortium, which developed the USD Coin (USDC) standard.
- CoinMENA: A Middle Eastern-based cryptocurrency exchange that offers a range of trading pairs.
- Independent Reserve: An Australian-based cryptocurrency exchange that provides access to various digital assets.
- MoonPay: A cryptocurrency payment processor that allows users to buy and sell cryptocurrencies.
- Uphold: A cryptocurrency exchange that offers a range of trading pairs and allows users to buy, sell, and trade cryptocurrencies.
Market Makers for RLUSD
Ripple has also partnered with the following market makers for RLUSD:
- Keyrock: A crypto trading firm that provides liquidity for various digital assets.
- B2C2: A cryptocurrency trading firm that offers a range of trading pairs and services.
Advisory Board Members for RLUSD
Ripple has added several notable individuals to its advisory board for the stablecoin operation, including:
- Sheila Bair: Former Chair of the Federal Deposit Insurance Corporation (FDIC).
- David Puth: Former CEO of Centre, a consortium that developed the USD Coin (USDC) standard.
RLUSD: A Reliable Solution for Users
RLUSD’s value will be backed by short-term U.S. Treasuries, dollar deposits, and cash equivalents. The company will release independent monthly attestations about its reserves, which will be prepared by San Francisco-based accounting firm BPM. This ensures that users can trust the stability of RLUSD.
Launch Timeline for RLUSD
Brad Garlinghouse, CEO of Ripple Labs, stated last month at Korea Blockchain Week that RLUSD could launch in "weeks, not months." The exact launch date has not been announced, but the company is working towards a public rollout of the stablecoin.
The stablecoin market is growing rapidly, and Ripple’s entry into this space with its own stablecoin, RLUSD, is expected to provide users with a reliable solution for their payment needs. With its partnerships with exchanges and market makers, as well as its advisory board members, Ripple is positioning itself to be a key player in the stablecoin market.
Ripple Labs has taken a significant step towards entering the stablecoin market with the naming of exchange partners and market makers for RLUSD. The company’s partnerships with Bitstamp, Bitso, Bullish, CoinMENA, Independent Reserve, MoonPay, and Uphold will ensure that RLUSD is widely available to users.
The advisory board members, including Sheila Bair and David Puth, bring a wealth of experience and expertise to the table, ensuring that RLUSD is a reliable solution for users. The company’s commitment to transparency, with independent monthly attestations about its reserves, further ensures trust in the stability of RLUSD.
While the exact launch date has not been announced, the company’s CEO, Brad Garlinghouse, stated that RLUSD could launch in "weeks, not months." This suggests that the public rollout of RLUSD is imminent and will provide users with a reliable solution for their payment needs.
