Ripple’s stablecoin makes market debut

The company launched its token RLUSD on major crypto platforms. It is a significant milestone for Ripple, which has worked for years to strengthen its standing in the digital currency market.

“An enterprise-grade stablecoin for everyone. Ripple USD ($RLUSD) drops tomorrow [on December 17, 2024] on Uphold, MoonPay, CoinMENA, ArchaxEx, and Bitso, with Bullish, Mercado Bitcoin, ZeroHash, Independent Reserve, and Bitstamp soon to follow,” Ripple CEO Brad Garlinghouse posted on X.

RLUSD is a crypto coin pegged to the U.S. dollar. It was launched on XRP Ledger and Ethereum. The stablecoin is backed 1:1 by USD reserves and cash equivalents.

“<…> $RLUSD <…> is mile 1 of the marathon, and I’m incredibly excited for its growth and use (instant settlement! collateralization! DeFi integrations! on/off ramps between crypto and fiat!),” Ripple’s SVP Jack McDonald posted.

With the launch of RLUSD, Ripple created new opportunities and joined the ranks of the stablecoin industry leaders. According to Garlinghouse, the new crypto asset will become a blueprint for future financial technologies.