As a seasoned crypto investor with over a decade of experience navigating the volatile world of digital assets, I must admit that the recent announcement by Ripple about the global launch of their Ripple USD (RLUSD) stablecoin has piqued my interest. Having witnessed the rise and fall of numerous cryptocurrencies, I’ve developed a keen eye for potential winners, and this move by Ripple seems to check all the right boxes.
Tomorrow, December 17th, Ripple, the firm responsible for XRP, has affirmed that their Ripple USD (RLUSD) digital currency will start being traded worldwide.
Ripple’s latest stablecoin, RLUSD, which is pegged to the US dollar and created by Ripple, will make its public debut on various global exchanges, according to a statement made to CryptoMoon on December 16.
The announcement was made following the approval by the New York Department of Financial Services (NYDFS) for the launch of RLUSD on December 10, which paved the way for the stablecoin’s entry into international financial and digital currency markets.
Ripple has made significant personnel additions to its RLUSD advisory team. Among these new hires is a previous head of the Reserve Bank of India.
Initial venues of RLUSD availability
As a crypto investor, I recently came across a new stablecoin called RLUSD, introduced in June. This digital asset maintains its value at $1 due to being fully backed by U.S. dollar deposits, short-term U.S. government Treasury bills, and other cash equivalents – providing stability while offering the benefits of cryptocurrency investing.
Initially upon its release, the Ripple-backed stablecoin, RLUSD, is set to debut on prominent cryptocurrency trading platforms and exchanges such as Uphold, MoonPay, Archax, and CoinMENA, according to the statement made.
Over the next few weeks, it’s anticipated that RLUSD will become available for trading on various exchanges such as Bitso, Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, Zero Hash, and additional platforms.
In an effort to expand the use of their RLUSD stablecoin worldwide, Ripple anticipates that their partner network will facilitate its adoption in the Americas, Asia-Pacific, the United Kingdom, and the Middle Eastern regions.
RLUSD is coming to global payments in early 2025
Besides introducing a new business-level, regulated stablecoin named RLUSD, Ripple intends it to function as a medium for cross-border transactions settlement and managing international remittances from treasuries.
In early 2025, Ripple intends to incorporate Real-Legal USD (RLUSD) into its digital payment system, Ripple Payments, enabling seamless international transactions for its business clients worldwide.
The company noted that Ripple Payments has processed $70 billion across 90 markets globally.
Furthermore, the anticipated RLUSD platform will incorporate links to decentralized finance networks, facilitate transactions between fiat and cryptocurrencies (on and off ramps), and allow users to securely trade tokenized real-world assets like commodities, stocks, and government bonds directly on the blockchain through collateralization.
Banking officials join RLUSD advisory board
The debut of the Ripple USD on the exchange market is also marked by several important appointments within the specialized advisory board designed specifically for the stablecoin.
Raghuram Rajan, a past governor of the Reserve Bank of India, and Kenneth Montgomery, who served as the first vice president and chief operating officer at the Federal Reserve Bank of Boston, are set to become part of the RLUSD’s consultative committee.
Rajan and Montgomery have been assigned the role of offering strategic advice on regulatory, monetary, and operational matters to help maintain and expand RLUSD’s strength and development.
Rajan suggested that Stablecoins might serve as the foundation for private transactions, providing a secure, flexible, and streamlined option compared to conventional payment methods.
“With its focus on compliance and reliability, RLUSD aims to establish new standards for trust and to play a pivotal role in shaping the future of payments.”
Montgomery stated that Stablecoins are quickly becoming crucial elements within the payment sector, offering swiftness, smoothness, and affordability which conventional systems sometimes find hard to match.
As a crypto investor, I’m proud to be part of a community that boasts an impressive advisory board. This group includes Sheila Bair, a former Chair of the Federal Deposit Insurance Corporation, David Puth, Vice Chairman of Partners Capital and a former CEO of Centre Consortium, and Chris Larsen, co-founder and Executive Chairman of Ripple. These industry heavyweights bring invaluable expertise to our table.
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2024-12-16 19:07