Ripple has announced more details about its upcoming stablecoin, RLUSD, an overcollateralized asset pegged to the US dollar.
The company will be collaborating with a network of leading crypto exchanges and platforms such as Uphold, Bitstamp
Issued under a New York Trust Company Charter, RLUSD will follow strict regulatory rules. Ripple has committed to regular third-party audits of its assets and will publish monthly reports to ensure transparency and accountability.
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Each RLUSD token will be fully backed on a one-to-one basis by US dollar reserves or short-term cash equivalents.
Sheila Bair, former Chair of the US Federal Deposit Insurance Corporation and a member of Ripple's advisory board, emphasized the significance of stablecoins in modernizing financial infrastructure and promoting wider financial inclusion. She expressed enthusiasm for joining Ripple's mission to launch RLUSD with a focus on adherence to regulatory standards.
Addressing the increasing demand from clients and partners for high-quality digital tokens suitable for diverse financial applications—including payments, asset tokenization, and decentralized finance—Ripple's CEO, Brad Garlinghouse, said:
Our payment solutions will leverage RLUSD, XRP, and other digital assets to enable faster, more reliable, and cost-effective cross-border payments.
Ripple's approach with RLUSD reflects a dedication to principles of responsible innovation and compliance with regulatory frameworks, striving to promote wider adoption of crypto on an international scale.
This announcement comes at a legally challenging time for Ripple, as the US Securities and Exchange Commission filed an appeal to overturn a previous court ruling in a case over XRP sales. The company has recently filed for a cross-appeal.
