Ripple’s RLUSD stablecoin set to launch tomorrow as XRP token jumps 8%
Key Takeaways
Ripple announces RLUSD stablecoin launch for December 17, 2024.
XRP token surges 8% on RLUSD news, reaching $2.56 with a $146 billion market cap.
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Ripple has officially announced that its USD-backed stablecoin, Ripple USD (RLUSD), will launch on Tuesday, December 17, 2024.
Initially, the stablecoin will be available on exchanges including Uphold, Bitso, MoonPay, Archax, and CoinMENA, with additional listings expected on Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, Zero Hash, and more in the coming weeks.
RLUSD will be fully backed by US dollar deposits, US government bonds, and cash equivalents, according to Ripple’s press release.
As part of its commitment to transparency, Ripple will publish monthly third-party attestations of RLUSD’s reserves conducted by an independent auditing firm.
“Early on, Ripple made a deliberate choice to launch our stablecoin under the NYDFS limited purpose trust company charter, widely regarded as the premier regulatory standard worldwide,” said Brad Garlinghouse, Ripple’s CEO.
RLUSD will operate on both the XRP Ledger and Ethereum blockchains, offering flexibility and scalability for cross-border payments and DeFi integration across multiple blockchains.
Ripple Payments plans to integrate RLUSD into its global payment network, which has already processed over $70 billion in payments volume across more than 90 payout markets.
Raghuram Rajan, former Reserve Bank of India Governor, and Kenneth Montgomery, former Federal Reserve Bank of Boston COO, have joined RLUSD’s advisory board.
“Stablecoins could become the backbone of private payments by offering a secure, scalable, and efficient alternative to traditional systems,” said Rajan.
Ripple’s XRP token also saw a surge following the announcement, jumping 8% and trading at $2.56, with a market cap of $146 billion.
This places XRP as the third-largest crypto asset by market cap, surpassing Tether (USDT), which holds a market cap of $140 billion.
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