Ripple CEO Brad Garlinghouse has shared his enthusiasm regarding the imminent launch of Ripple USD (RLUSD), characterizing it as “an enterprise-grade stablecoin for everyone.” In an exciting announcement, Ripple confirmed that RLUSD will hit global exchanges starting today, December *17, 2024*.
In an official press release from December *16*, Garlinghouse pointed out the strategic decision to launch this stablecoin under the New York State Department of Financial Services (NYDFS). He emphasized this choice as a pivotal move, noting that companies like Ripple are looking ahead toward a future of greater adoption for stablecoins in the U.S. With clearer regulations on the horizon, Garlinghouse stated, “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.”
The RLUSD stablecoin stands out by being accessible on both the XRP Ledger and Ethereum blockchains, allowing it to cater to a variety of financial needs. With noteworthy partners that include leading global exchanges, market makers, and payment providers, RLUSD is poised to enhance its utility and adoption not only across the Americas but also in Asia-Pacific, the U.K., and the Middle East.
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This rollout comes at a time when the demand for stablecoins is surging. Ripple anticipates that the entire stablecoin market could grow dramatically, potentially reaching $2* trillion* by *2028*, driven by a growing appetite for stable, fiat-pegged tokens.
So, what’s on the horizon for RLUSD? Initially, it will be listed on platforms such as Uphold, Bitso, MoonPay, Archax, and CoinMENA, with more exchanges like Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and Zero Hash joining in the weeks to come.
Ripple is also bolstering its advisory board for RLUSD, appointing notable figures like Raghuram Rajan, former Governor of the Reserve Bank of India, and Kenneth Montgomery, former First Vice President of the Federal Reserve Bank of Boston. Their expertise will guide critical regulatory, financial, and operational strategies to ensure RLUSD’s stability and growth.
Come early next year, Ripple Payments will leverage RLUSD to facilitate global transactions for its enterprise clients. Ripple Payments has achieved an impressive $70 billion in payment volume by providing coverage through *90 payout marketplaces, representing over *90%** of the daily FX market.
This exciting development represents a significant leap forward for Ripple, its users, and the broader financial ecosystem, as stablecoins increasingly become a fundamental aspect of modern finance.
