Ripple’s new stablecoin, RLUSD, will be available for trading starting Tuesday (December 17) after receiving approval from the New York State Department of Financial Services (NYDFS) earlier this month. The launch marks Ripple’s entry into the highly competitive $203 billion stablecoin market.
The US dollar-backed stablecoin is issued on both the Ethereum blockchain and the XRP ledger. It will initially be listed on selected global exchanges, with plans for further expansion. However, RLUSD will not be available on Coinbase at launch. Ripple made the announcement on Monday.
Ripple also revealed key appointments to the RLUSD advisory board, including the former governor of the Reserve Bank of India. Ripple Payments has processed $70 billion in 90 markets around the world.
“One of the drivers for us to launch stablecoins is the growth we are seeing, especially in cross-border payments. As we use more and more stablecoins in our flows, there is growing interest in having our own native stablecoin that can be used more cost-effectively and operationally efficiently,” said Jack McDonald, Senior Vice President of Stablecoins at Ripple. said: , told CNBC.