Ripple CEO Brad Garlinghouse has given an exciting update on the upcoming launch of the company’s stablecoin, Ripple USD (RLUSD). Garlinghouse is confident that RLUSD will become the “gold standard” for enterprise-grade stablecoins, built on a foundation of trust, liquidity, and regulatory compliance.
RLUSD is designed to offer the stability of traditional fiat currencies while benefiting from the speed and efficiency of blockchain technology. It aims to support real-time global payments, easy conversions between crypto and fiat, and tokenization of real-world assets, all while improving the reliability and cost-effectiveness of transactions.
Garlinghouse shared that RLUSD has been in development for almost a year and has strong support from trusted exchange partners, market makers, and an advisory board. The stablecoin is backed by U.S. Treasury bonds, dollar deposits, and cash equivalents to ensure its stability.
To maintain transparency, Ripple plans to release monthly reports on RLUSD’s reserves, which will be audited by accounting firm BPM.
Monica Long, a key executive at Ripple, confirmed that the company is operationally ready for the stablecoin’s launch. Recently, significant transfers of funds into RLUSD have taken place as it undergoes testing on both the XRP Ledger and Ethereum networks, indicating strong preparation for its official debut.
RLUSD is generating excitement across the industry. MoonPay CEO Ivan Soto-Wright sees it as a critical part of the future financial system, while B2C2’s US CEO Cactus Raazi praised its ability to enhance digital asset marketplaces.
Key players like Bitso and Bullish also see RLUSD playing a significant role in cross-border payments and institutional trading.
While RLUSD is ready for the market, it’s still awaiting approval from the New York Department of Financial Services (NYDFS). The public launch is expected before the year’s end, with Garlinghouse optimistically predicting it could be just “weeks, not months” away.
What is the future of RLUSD?
Ripple’s RLUSD stablecoin is poised to make a strong impact on the crypto industry. With its focus on liquidity, trust, and compliance, and backed by solid financial reserves, it’s expected to raise the standard for stablecoins. As the final NYDFS approval approaches, the crypto community is eagerly awaiting the launch.
Meanwhile, Ripple’s XRP is showing an upward trend, though it faces resistance between $0.5778 and $0.5445, with support levels at $0.5188 and $0.5068.
What do you think? Will Ripple prove to be a dominant player in the space? Stay tuned to Coinpedia.
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