Ripple has just announced its exchange partners and customers for RLUSD, an enterprise-grade, USD-denominated stablecoin. To facilitate the stablecoin’s distribution, the entity has partnered with crypto exchanges and platforms, including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish.
Ripple has left out big wigs such as Binance and Coinbase from its distribution partners. This comes amid Coinbase’s support of Ripple Labs’ case against the SEC appeal.
Ripple’s RLUSD set to hit the market
According to Ripple CEO Brad Garlinghouse, the new stablecoin aims to become the “gold standard for enterprise-grade stablecoins.” He adds that Ripple’s payment solution will leverage RLUSD and the XRP token to facilitate faster and more cost-effective cross-border payments,
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The official announcement states, “Customers and partners have been asking for high-quality stablecoins like RLUSD to use across various financial use cases, such as payments, tokenization of real-world assets, and decentralized finance.”
RLUSD is one of the few stablecoins issued under a New York Trust Company Charter. This ensures rigorous oversight and regulation following regulatory woes that have cramped up the industry.
To that end, Ripple has assembled a powerhouse advisory board, including former Federal Deposit Insurance Corporation (FDIC) Chair Sheila Bair, Vice Chairman of Partners Capital and former CENTRE Consortium CEO David Puth, and Ripple co-founder and Executive Chairman Chris Larsen, to guide the responsible introduction of RLUSD to the market.
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Sheila Bair, former FDIC Chair, says, “Stablecoins will play a key role in modernizing our financial infrastructure and broadening financial inclusion […]As the digital assets industry grows, responsible innovation will be paramount to their adoption, prioritizing both consumer protection and financial stability.”
