Ripple announces official launch of RLUSD stablecoin

Ripple (XRP) has confirmed that its much-anticipated RLUSD stablecoin will officially launch on Tuesday across major exchanges, including MoonPay, Uphold, CoinMENA, Bitso, and ArchaxEx.

The news has generated positive sentiment, with many speculating that it could help XRP break through key resistance levels of $2.58 and $2.92, News.az reports, citing FXStreet.

Ripple stated that RLUSD is an "enterprise-grade, USD-denominated stablecoin created with trust, utility, and compliance at its core."

Ripple's president, Monica Long, noted in an X post on Monday.

The release of RLUSD marks a new chapter – both for the XRP Ledger, as well as @Ripple for use in our $70B+ payments flows. Combining our 10+ yrs in the business; the rigor & compliance required with stablecoin issuance by a @NYDFS chartered company; and an experienced Advisory…

— Monica Long (@MonicaLongSF) December 16, 2024

The stablecoin is intended to maintain a 1:1 peg with the US dollar, with reserves of US dollar deposits, short-term Treasury bonds and other liquid cash assets.

RLUSD will go live on exchanges, including MoonPay, Uphold, CoinMENA, Bitso and ArchaxEX. The company stated that it aims to launch the stablecoin on other platforms like Bullish, Bitstamp, Mercado Bitcoin and many others over the next few weeks.

Ripple also plans to use the stablecoin to initiate cross-border payments for its customers starting early next year.

Furthermore, RLUSD will initially be available on the XRP Ledger and Ethereum Mainnet for on-chain users to leverage across DeFi protocols.

Ripple added that an independent auditing firm will issue monthly attestations of RLUSD's reserve assets to ensure transparency.

News.Az