Uphold
October 16, 2024
Uphold Unicorn News - October 16, 2024
Ripple has partnered with Uphold and other major exchanges to launch the RLUSD stablecoin, aiming to set a new standard in the stablecoin market with robust backing and regulatory compliance. This global initiative seeks to enhance cross-border payments and the integration of fiat with digital currencies.
() Introduction
() Ripple Partners with Uphold and Other Exchanges for Global Launch of RLUSD Stablecoin
Ripple has announced the global launch of its new stablecoin, RLUSD, which is pegged to the U.S. dollar. This launch, announced on October 15, 2024, involves partnerships with major cryptocurrency platforms such as Uphold, Bitstamp, and MoonPay. The RLUSD stablecoin has undergone beta testing on the Ethereum and XRP Ledger over the past two months and is designed for use in both decentralized and traditional financial sectors. What distinguishes RLUSD is its backing by cash deposits, U.S. government bonds, and cash equivalents, which ensures its stability and security. Furthermore, the stablecoin will be issued under a New York Trust Company Charter, adhering to stringent regulatory standards. Ripple's CEO, Brad Garlinghouse, has highlighted the stablecoin's utility, demand, and compliance with regulations. Ripple envisions RLUSD as a potential gold standard for enterprise-grade stablecoins, aiming to facilitate cross-border payments, serve as a bridge between fiat and cryptocurrencies, and enable the tokenization of real-world assets. Each RLUSD token is fully backed by U.S. dollar deposits, government bonds, and cash equivalents, with Ripple committing to monthly, third-party audited attestations of reserve assets. This launch positions Ripple to set a new standard in the stablecoin market, enhancing the stability and utility of digital currencies in the global financial ecosystem.
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