Key Takeaways
- Ripple has announced the list of distribution partners for RLUSD.
- RLUSD has been in development since April 2024.
- Ripple also announced the creation of a new advisory board.
Following months of speculation and hype, Ripple finally seems to be on the cusp of releasing its hotly-anticipated U.S. dollar-pegged stablecoin, RLUSD.
Ripple president Monica Long announced the list of distribution partners at the Ripple Swell conference on Tuesday, Oct. 15.
Ripple’s Next Step For RLUSD
Ripple’s stablecoin, RLUSD, will be available on Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish.
“With our initial exchange partners, the clear utility and demand for RLUSD, and a strong focus on regulatory compliance, Ripple’s stablecoin is poised to become the gold standard for enterprise-grade stablecoins,” said Ripple CEO Brad Garlinghouse.
Ripple, a provider of digital asset infrastructure for enterprises that leverage XRP, also announced the creation of a new advisory board.
The board, which includes former Federal Deposit Insurance Corporation Chair Sheila Bairwill, will help ensure the stablecoin’s entrance to the market remains compliant with all regulations.
Possible Disappointment For Some
The initial list of exchanges has further hammered home previous comments from Ripple’s chief technology officer, David Schwartz, that the stablecoin would likely not be available directly to retail users.
Following the existing routes to the USDC and USDT markets, some investors are disappointed that there is not a more direct route to RLUSD.
Once approved, the New York Department of Financial Services (DFS) will list Ripple’s stablecoin on its greenlist, unlike USDC and USDT.
In an interview with Fortune, Long said that New York DFS is a highly regarded regulator in the U.S. and will be providing “the most robust stablecoin regulatory structure.”
Industry leaders have welcomed and celebrated RLUSD’s meticulous approach, supporting Garlinghouse’s statement that the platform is setting a “gold standard” for enterprise-grade stablecoins.
What To Expect From RLUSD?
Ripple is looking to make an impact in an incredibly tough stablecoin market currently dominated by USDC and USDT.
RLUSD can power a wide array of use cases, including efficient cross-border payments, tokenizing real-world assets, and providing on and off-ramps for crypto exchanges.
Ripple will likely integrate RLUSD into its payment network, which currently covers over 90 markets and processes nearly $70 billion in total transactions.
In a statement, Ripple said its stablecoin launch is responding to strong audience demand “for more credible stablecoins on the XRPL.”
While it remains unclear when Ripple will finally receive DFS approval, the industry will be watching closely to see RLUSD’s impact on the market.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
