Ripple to Launch Fiat-backed Stablecoin RLUSD on December 17
The stablecoin market will expand with the launch of Ripple USD (RLUSD) on December 17. This fiat-backed stablecoin aims to serve as a reliable alternative to XRP.
Originally scheduled for December 4, Ripple confirmed that RLUSD will be available on platforms like Uphold, Bitso, MoonPay, Archax, and CoinMENA, with additional listings expected on Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and Zero Hash in subsequent weeks.
Ripple's RLUSD Stablecoin Launches on Ethereum and XRPL
RLUSD will be supported by major global exchanges, market makers, and payment providers to enhance its adoption across regions including the Americas, Asia-Pacific, the UK, and the Middle East.
The New York Department of Financial Services granted final approval for RLUSD on December 11, following Ripple's indication in April about developing its own stablecoin after PayPal launched PayPal USD (PYUSD) in August 2023.
RLUSD will operate on both the Ethereum (ETH) blockchain and the XRPL network, aiming for versatility and potential expansion into decentralized finance (DeFi).
With RLUSD pegged at 1:1 to the US dollar and backed by national reserves, it aims to compete with existing stablecoins such as [Tether USD](https://holder.io/coins/usdt/) and [Circle USD](https://holder.io/coins/usdc/). Monthly attestations of reserves will provide transparency, with independent auditors involved.
RLUSD Aims to Enhance Payment Processes by Early 2025
Ripple plans to streamline global payments for enterprise customers starting in early 2025 through its payment unit, which has already facilitated $70 billion in payment volume across over 90 payout markets.
Brad Garlinghouse, Ripple's CEO, stated that launching under the NYDFS charter positions RLUSD favorably as regulatory clarity increases, leading to broader adoption of compliant stablecoins.
New Advisory Board Members for RLUSD
Ripple's CTO David Schwartz warned of potential volatility during the stablecoin's launch, noting that pre-launch activity has inflated RLUSD's value artificially, with 1 RLUSD equating to 511 XRP, currently valued at approximately $2.47.
Raghuram Rajan, former Governor of the Reserve Bank of India, and Kenneth Montgomery, former Chief Operating Officer of the Federal Reserve Bank of Boston, will join the advisory board to provide strategic guidance on regulatory and operational matters, supporting RLUSD’s stability and growth.
The advisory board also includes Sheila Bair, former FDIC Chair, David Puth, Vice Chairman of Partners Capital, and Chris Larsen, co-founder and Executive Chairman of Ripple.