Ripple rolls out RLUSD stablecoin on Uphold, Bitstamp, and Bullish

Blockchain firm Ripple has announced the platforms on which its new stablecoin RLUSD will be available, aiming to enter a market largely dominated by Tether and Circle.

Digital asset company Ripple (XRP) has officially launched its US dollar-pegged stablecoin in an attempt to disrupt the market currently led by two major stablecoin issuers.

According to a Reuters report dated October 15, the RLUSD stablecoin will be accessible on both the XRP Ledger and Ethereum networks, as well as various centralized trading platforms such as Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish. .

The report states that each RLUSD token is designed to maintain a 1:1 value with the US dollar and is fully backed by US dollar deposits, US government bonds and cash equivalents.

Ripple will challenge the stablecoin market with transparency

For transparency and compliance purposes, Ripple has committed to monthly attestation and auditing by a third-party accounting firm, but details about the audit partner have not yet been disclosed. The RLUSD advisory board includes important names such as Sheila Bair, former president of the Federal Deposit Insurance Corporation, Ripple co-founder Chris Larsen, and former CEO of the CENTER Consortium David Puth.

As Ripple enters the competitive stablecoin arena, it faces the challenge of competing with established players like Tether and Circle; the latter of which is preparing for an initial public offering as it navigates new regulations in Europe.

Ripple’s entry into the stablecoin market comes just months after the company’s CEO, Brad Garlinghouse, predicted that the stablecoin market, worth about $150 billion, could potentially reach $3 trillion by 2030.