Amid this ongoing legal battle between Ripple and the United States Securities and Exchange Commission (SEC), Ripple announced its partners for its upcoming dollar-pegged stablecoin, RLUSD. On October 15, 2024, during the Ripple Swell 2024 conference in Miami, Florida, the firm, disclosed that it is operationally ready but awaiting regulatory approval.
RLUSD Core Members
To make this launch and this stablecoin more successful in the realm of cryptocurrency, Ripple has assigned top advisory board members, ranging from government officials to stablecoin leaders like Circle’s USDC.
According to a recent report, the firm has added Sheila Bair, former head of the FDIC (a U.S. government agency), and David Puth, former CEO of Centre, which helped create the popular stablecoin USDC.
RLUSD Distribution Partners
In addition, the firm partnered with exchanges like Bitstamp, Bitso, Bullish MoonPay, and others for RLUSD distribution (Where investors or traders buy or sell RLUSD). Meanwhile, to maintain the liquidity on these exchanges, it has partnered with crypto trading firms and market makers such as Keyrock and B2C2.
Recently, in an interview, Ripple Labs President Monica Long stated that the firm is ready to operate but is currently awaiting regulatory approval from the New York Department of Financial Services. Long further noted,
“For RLUSD and stablecoins generally, we definitely have validated the utility of them with payments. We’re also believers in this broader trend of real-world asset tokenization. When we think beyond tokenizing money to different instruments and capital markets like securities and bonds, real estate and other assets, you need a stablecoin that’s trusted and very reliable, very robustly managed for on and offramps as well.”
According to the data, RLUSD will be backed by U.S. Treasuries, dollar deposits, and cash equivalent and is currently being tested on XRP Ledger and Ethereum network.
