Blockchain firm Ripple has unveiled the platforms where its new stablecoin, RLUSD, will be available. This move aims to penetrate a market largely dominated by Tether and Circle.

Ripple Launches U.S. Dollar-Pegged Stablecoin

Digital asset firm Ripple has officially launched its U.S. dollar-pegged stablecoin, RLUSD, in an effort to disrupt a market currently led by two major stablecoin issuers. The RLUSD stablecoin will be accessible on both the XRP Ledger and Ethereum networks, as well as on several centralized trading platforms, including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish.

RLUSD Token Details

Each RLUSD token is designed to maintain a 1:1 value with the U.S. dollar, fully backed by U.S. dollar deposits, U.S. government bonds, and cash equivalents. This ensures stability and trust in the value of RLUSD.

Commitment to Transparency

In a bid for transparency and regulatory compliance, Ripple has committed to monthly attestations and audits by a third-party accounting firm. Although details on the auditing partner have yet to be disclosed, this move aims to build trust and credibility among users.

“Ripple’s entry into the stablecoin market comes with a strong focus on transparency and regulatory adherence.”

Advisory Board

The advisory board for RLUSD includes notable figures such as Sheila Bair, former chair of the Federal Deposit Insurance Corporation, Ripple co-founder Chris Larsen, and David Puth, ex-CEO of CENTRE Consortium. Their involvement adds a layer of expertise and trust to Ripple’s new venture.

Market Competition

As Ripple enters the competitive stablecoin arena, it faces the challenge of rivaling established players like Tether and Circle. Circle is currently preparing for an initial public offering while navigating new regulations in Europe.

Ripple’s entry into the stablecoin market follows a projection by the company’s chief executive, Brad Garlinghouse, that the stablecoin market, valued at approximately $150 billion, could potentially reach $3 trillion by 2030.

Stay updated with more news on the evolving cryptocurrency market on Global Crypto News.

#AI #CryptoAssets #Trading

Post Views: 6