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Trading Begins Dec. 17
Ripple has announced that its Ripple USD (RLUSD) stablecoin will begin trading globally on Dec. 17. This launch follows approval from the New York Department of Financial Services (NYDFS) on Dec. 10, clearing RLUSD for entry into global financial and cryptocurrency markets.
Where RLUSD Will Be Available
RLUSD, a dollar-backed stablecoin supported by cash reserves and short-term U.S. Treasury assets, will initially trade on platforms like Uphold, MoonPay, Archax, and CoinMENA. Ripple also plans to expand its availability to other exchanges, including Bitso, Bitstamp, and Mercado Bitcoin, in the coming weeks.
The stablecoin is expected to gain traction across the Americas, Asia-Pacific, the UK, and the Middle East through Ripple’s network of partners.
Future Use in Global Payments
Ripple aims to integrate RLUSD into its Ripple Payments system by early 2025. This move will enable the stablecoin to support cross-border payments, treasury remittances, and enterprise-grade transactions.
RLUSD will also connect with decentralized finance (DeFi) protocols and provide collateral for trading tokenized assets such as commodities and securities. Ripple Payments, which has processed $70 billion in transactions across 90 markets, is set to play a significant role in RLUSD’s adoption.
Advisory Board Appointments
Ripple has strengthened its RLUSD advisory board with notable additions:
Raghuram Rajan, former Governor of the Reserve Bank of India.
Kenneth Montgomery, former COO of the Federal Reserve Bank of Boston.
They join an already prestigious board that includes Sheila Bair, former FDIC chair, and Ripple co-founder Chris Larsen. The board will focus on regulatory compliance and strategies to ensure RLUSD’s growth and stability.
Rajan emphasized the importance of stablecoins in modernizing payments, calling RLUSD a tool to build trust and efficiency in financial systems. Montgomery highlighted the role of stablecoins in delivering faster and more cost-effective payment solutions compared to traditional methods.
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