Ripple Labs has officially launched its RLUSD stablecoin on global crypto exchanges. The stablecoin has been the subject of plenty of hype since the company’s unveiling earlier this year. Now, RLUSD is available to make near-instantaneous P2P payments on MoonPay, B2C2, Keyrock, Coinmena, and Archax.
JUST IN: Ripple officially launches $RLUSD stablecoin.
— Watcher.Guru (@WatcherGuru) December 17, 2024
Ripple Labs will enlist an independent auditing firm to create attestations of RLUSD reserve assets and then publish them monthly. Additionally, the company will add two high-profile former central bankers to its stablecoin advisory board to help with the rollout process.
Further listings on Bitso; Bullish; Bitstamp; Mercado Bitcoin and Independent Reserve, Zero Hash, and others in the coming weeks. Ripple CEO Brad Garlinghouse announced last week that RLUSD sealed “final approval” from the New York Department of Financial Services, and would be coming soon without an exact release date. Now, the stablecoin has arrived.
Ripple aims to compete for a piece of the rapidly growing stablecoin market with the launch of RLUSD. Currently, that market is dominated by Tether’s $140 billion USDT and Circle’s $40 billion USDC tokens. However, the momentum around Ripple Labs this year has the potential to catapult RLUSD sky-high straight away, making it a worthy competitor in the stablecoin world.
Ripple’s native XRP cryptocurrency is also up following the launch of RLUSD. At press time, XRP has surged 2% in the last 24 hours and expects to climb further this week.
“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,” Ripple CEO Brad Garlinghouse said in a Monday statement. “As the U.S. moves toward clearer regulations, we expect to see greater adoption of stablecoins like RLUSD.”