Ripple, a leading blockchain company, announced that it will officially launch its USD stablecoin, RLUSD, on Tuesday, November 17, 2024. The launch marks a significant expansion in the global cryptocurrency landscape. The rollout seeks to offer unmatched utility while adhering to stringent compliance standards.
RLUSD Will Initially Roll Out on Some Selected Exchanges
According to the press release relaying the launch, the stablecoin will initially debut on some selected exchanges. They include Uphold, Bitso, MoonPay, Archax, and CoinMENA. Ripple added that enthusiasts should also anticipate further listings on Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and Zero Hash. It is worth noting that aside from the highlighted exchanges, the token will launch on several other exchanges in the coming weeks.
In the publicized document, the payment firm noted that it did not partner with only exchanges. Instead, the collaborations extended to market makers and payment providers to facilitate global payments. Part of the press release read: “Early next year, Ripple Payments will use RLUSD to facilitate global payments on behalf of its enterprise customers. Ripple Payments has served $70 billion in payments volume and has near-global coverage with 90+ payout markets, representing more than 90% coverage of the daily FX market.”
An enterprise-grade stablecoin for everyone.
— Brad Garlinghouse (@bgarlinghouse) December 16, 2024
Ripple USD ($RLUSD) drops tomorrow on @UpholdInc, @MoonPay, @CoinMENA, @ArchaxEx and @Bitso, with @bullish, @mercadobitcoin, @ZeroHashX, @indepreserve, and @Bitstamp soon to follow. https://t.co/k3DrWO4PXA
Expectations for Users
Ripple USD’s launch aligns with the broader industry shift toward stablecoins as tools for cross-border transactions and digital finance. Unlike cryptocurrencies such as Bitcoin, stablecoins maintain a fixed value tied to fiat currency, reducing volatility. Ripple highlighted the stablecoin’s potential to streamline use cases like remittances, trade settlements, and decentralized finance (DeFi) applications.
To access its stablecoin for seamless transactions, the cross-border payment firm assured users of the availability of the RLUSD on the XRP Ledger and Ethereum blockchains. With such, enthusiasts will enjoy scalability and flexibility while trading with the dollar-pegged coin.
Regulatory Focus on Ripple’s RLUSD
Ripple emphasized that compliance remains at the forefront of its operations. The company has collaborated with regulators globally to meet the requirements of entities like The New York State Department of Financial Services (NYDFS). Hence, it would adhere to anti-money laundering (AML) and know-your-customer (KYC) standards. By prioritizing transparency and governance, Ripple aims to distinguish Ripple USD in an increasingly scrutinized market.
“RLUSD sets the standard for stablecoins, combining innovative functionality with the regulatory rigor and credibility of an NYDFS-issued New York limited purpose trust company, further highlighting Ripple’s leadership in fostering trust and transparency in digital assets,” Ripple stated.
Meanwhile, the launch comes amid growing regulatory pressure on stablecoin providers to enhance transparency and comply with financial laws. Authorities in the United States and abroad have intensified oversight, citing risks of fraud, misuse, and systemic instability. Ripple’s proactive approach may bolster its adoption among institutional investors and payment providers wary of legal uncertainties in the sector.
Ripple’s announcement signals a pivotal moment for the company, which has faced regulatory challenges in recent years. While the full impact of Ripple USD remains to be seen, its launch underscores the evolving role of stablecoins in shaping the future of digital finance.
