Ripple is gearing up for the launch of its RLUSD stablecoin, set to kick off trading on December 17.
This launch will see the stablecoin available on several platforms, including Uphold, MoonPay, Archax, and CoinMENA.
The go-ahead from the New York Department of Financial Services (NYDFS) on December 10 was a pivotal moment, letting RLUSD step onto the global financial and cryptocurrency stage.
Stablecoin Design and Availability
What makes RLUSD noteworthy is its design as a stablecoin pegged to the US dollar.
Behind this digital currency lies a solid foundation, made up of US dollar deposits, short-term government Treasurys, and other cash-like assets, all meticulously ensuring a consistent 1:1 value with the dollar.
Initially, users will find Ripple’s stablecoin featured on major cryptocurrency exchanges, but Ripple anticipates broader availability soon; platforms like Bitso, Bullish, Bitstamp, Mercado Bitcoin, and Independent Reserve are likely to join the roster.
Adoption Strategy and Integration
Ripple aims to promote the widespread adoption of RLUSD through a strategic approach, focusing on regions such as the Americas, Asia-Pacific, the United Kingdom, and the Middle East.
This initiative will leverage Ripple’s extensive partner network.
In addition, the company plans to integrate RLUSD into its Ripple Payments system in early 2025, with the goal of refining global payment solutions for business users.
Advisory Board and Market Guidance
The functionality of RLUSD will be robust, offering global remittance capabilities and aiming for listings on centralized exchanges.
Ripple also plans to engage payment service providers in this venture, and the stablecoin is designed to fit seamlessly into decentralized finance (DeFi) protocols.
It is expected to act as collateral for trading a variety of tokenized assets, including commodities, securities, and Treasurys, all in blockchain settings.
As part of the RLUSD launch, Ripple has invigorated its advisory board, welcoming prominent figures like Raghuram Rajan, a former governor of the Reserve Bank of India, and Kenneth Montgomery, who previously held the position of first vice president and chief operating officer at the Federal Reserve Bank of Boston.
Their expertise is expected to provide crucial strategic guidance on regulatory, financial, and operational matters, helping ensure the stablecoin’s ongoing stability and growth in the market.
Source: Cointelegraph
