Ripple launches its RLUSD stablecoin today - Ledger Insights ...

After receiving regulatory approval last week, Ripple’s RLUSD stablecoin launches today. It’s a conventional stablecoin, fully backed by US Treasuries, bank deposits and cash equivalents using a New York (NYDFS) trust charter.

The initial list of crypto exchanges supporting the RLUSD are Uphold, Bitso, MoonPay, Archax, and CoinMENA, with others expected to follow: Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve and Zero Hash. That’s a more extensive list compared to two months ago. Additions include Archax, Mercado Bitcoin and Zero Hash.

“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. “As the U.S. moves toward clearer regulations, we expect to see greater adoption of stablecoins like RLUSD, which offer real utility and are backed by years of trust and expertise in the industry.”

Ripple confirmed that the cumulative Ripple payments volume so far has been $70 billion. Notably, the market capitalization of the XRP token is more than double that at $152 billion.

Potential use cases highlighted include cross border payments, using it for corporate treasury purposes, for DeFi and as collateral for margin in trading. Perhaps its biggest advantage is that it has developed more than 90 global payout markets.

The company also announced two more members of the RLUSD advisory board. They are Raghuram Rajan, former Governor of the Reserve Bank of India, and Kenneth Montgomery, former First VP and COO of the Federal Reserve Bank of Boston. They join other members Sheila Bair who is a former FDIC Chair, Vice Chairman of Partners Capital and former CENTRE Consortium CEO David Puth, and Ripple co-founder and Executive Chairman Chris Larsen.

We previously published two sets of analysis on RLUSD in October and last week.