Ripple has announced that it will be partnering with exchange and market maker partners for the upcoming RLUSD, a stablecoin linked to the US dollar. The company expanded its advisory board to include former FDIC chair Sheila Bair and David Puth, the ex-CEO of Centre, the organization responsible for USD Coin (USDC) standards. Bitstamp, Bitso, Bullish, CoinMENA, Independent Reserve, MoonPay, and Uphold have joined Ripple as exchange partners to facilitate RLUSD’s initial distribution. Crypto trading firms Keyrock and B2C2 will act as market makers for the stablecoin. Ripple is awaiting regulatory approval from the New York Department of Financial Services (NYDFS) before officially releasing RLUSD.
Ripple aims to tap into the rapidly growing $170 billion stablecoin market with RLUSD. These stablecoins are crucial to the crypto landscape, serving as a bridge between fiat currencies and blockchain assets. RLUSD will help Ripple expand beyond just tokenizing money to financial instruments such as securities, bonds, real estate, and other assets. RLUSD will be backed by short-term US Treasuries, cash deposits, and cash equivalents, and is currently being tested on the XRP Ledger and Ethereum networks. Ripple plans to provide monthly independent reports on its reserves, with verification by the accounting firm BPM based in San Francisco.
