Ripple Confirms RLUSD Launch Date, Announces Five Exchanges for Its Initial Listing

Ripple has announced the launch date of its highly anticipated RLUSD stablecoin on crypto exchanges. 

The leading crypto payments company noted that the enterprise-grade stablecoin will be available globally today, December 17, 2024. 

In a lengthy blog post yesterday, Ripple claimed that RLUSD prioritizes utility, trust, and compliance, emphasizing that the stablecoin was developed by leveraging its wealth of experience in the crypto and financial sector. 

This comes a week after the New York Department of Financial Services (NYDFS) approved the stablecoin launch. The company had made significant efforts to secure the approval, including acquiring an NYDFS chartered limited-purpose trust company, Standard Custody, earlier this year. 

Standard Custody will distribute RLUSD to exchanges once it goes live today.  

Commenting on the development, Ripple CEO Brad Garlinghouse emphasized the stablecoin’s compliance with the NYDFS limited-purpose trust company charter. He noted that this move sets RLUSD up for greater adoption, especially as the crypto regulatory landscape in the U.S. evolves. 

Supported Exchanges for Initial Listing 

In a follow-up X post, the Ripple CEO said the enterprise-grade stablecoin is for everyone and confirmed that it will be initially available on five exchanges today: Archax, Bitso, CoinMENA, MoonPay, and Uphold. 

Afterward, the stablecoin will soon make its debut on Mercado Bitcoin, Bitstamp, Zero Hash, Independent Reserve, and Bullish. 

Furthermore, Ripple will announce more exchanges for the stablecoin’s launch in the coming weeks. 

An enterprise-grade stablecoin for everyone.
Ripple USD ($RLUSD) drops tomorrow on @UpholdInc, @MoonPay, @CoinMENA, @ArchaxEx and @Bitso, with @bullish, @mercadobitcoin, @ZeroHashX, @indepreserve, and @Bitstamp soon to follow. https://t.co/k3DrWO4PXA

— Brad Garlinghouse (@bgarlinghouse) December 16, 2024

RLUSD Features 

The announcement also highlighted the assets backing each RLUSD, which includes U.S. government bonds, USD deposits, and other cash equivalents. 

Notably, Ripple will publish monthly third-party attestations of the stablecoin’s reserve to maintain trust and transparency. 

Currently, RLUSD will launch on the XRP Ledger (XRPL) and Ethereum under the contract addresses rMxCK…8m5De and 0x829…317eD, respectively. 

The firm plans to use the stablecoin alongside XRP in its payment solution. Users can also leverage it as a store of value, shielding themselves from the high volatility in the crypto market. 

Ripple Adds 2 New RLUSD Advisory Board Members 

Unlike most stablecoins, RLUSD has an advisory board featuring prominent financial experts, such as Ripple Chairman and Co-founder Chris Larsen, former FDIC Chair Sheila Bair, and former CENTRE Consortium CEO David Puth. 

The company also added two new board members. They include former Governor of RBI (Reserve Bank of India) Raghuram Rajan and former COO of Federal Reserve Bank of Boston Kenneth Montgomery.  

The board members will focus on supporting RLUSD’s growth and stability by providing the necessary guidance on various financial and regulatory aspects. 

XRP Soars Amid RLUSD Launch Date Announcement 

Meanwhile, the price of XRP spiked massively hours after Ripple unveiled the launch date of RLUSD. XRP, which was trading at $2.36, soared to an intra-day high of $2.56 following the announcement, marking an 8.47% surge. 

Interestingly, XRP has reclaimed the third position in the global crypto ranking, with its market cap standing at $142.44 billion. Currently priced at $2.49, XRP is up 3.72% over the past 24 hours and 14.21% in the last seven days.