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Ripple Unveils RLUSD Stablecoin Targeting Tether and Circle Dominated Market

Linda Hamilton

Oct 16, 2024 am 12:58 AM

ripple Stablecoin Bitstamp Bullish RLUSD Uphold

Digital asset firm Ripple (XRP) has officially launched its U.S. dollar-pegged stablecoin in an effort to disrupt a market currently led by two major

Ripple Unveils RLUSD Stablecoin Targeting Tether and Circle Dominated Market

Digital asset firm Ripple (XRP) has officially unveiled its long-awaited U.S. dollar-pegged stablecoin, aiming to penetrate a market currently dominated by two major stablecoin issuers.

The RLUSD stablecoin will be available on both the XRP Ledger and Ethereum networks, as well as on several centralized trading platforms, according to a Reuters report on Oct. 15.

The stablecoin will be fully backed by U.S. dollar deposits, U.S. government bonds, and cash equivalents, with each RLUSD token maintaining a 1:1 value with the dollar.

To ensure transparency and regulatory compliance, Ripple will conduct monthly attestations and audits by a third-party accounting firm, the report adds.

The advisory board for RLUSD includes former Federal Deposit Insurance Corporation chair Sheila Bair, Ripple co-founder Chris Larsen, and David Puth, ex-CEO of CENTRE Consortium.

The stablecoin market, currently valued at around $150 billion, is set to expand significantly in the coming years, according to Ripple CEO Brad Garlinghouse, who projects that it could reach $3 trillion by 2030.

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