Ripple’s RLUSD goes live on global exchanges

The US-based crypto company announced that Ripple’s stablecoin RLUSD is live on major crypto exchanges.

The launch of the Ripple USD (RLUSD) stablecoin follows the official announcement of its highly anticipated launch on December 16. In this communication, Ripple stated that RLUSD will go live on December 17 with key launch partners including some of the world’s leading crypto exchanges. and platforms.

Ripple CEO Brad Garlinghouse confirmed in a post on X that the stablecoin will be launched on various exchanges. These include Uphold, MoonPay, CoinMENA, ArchaxEx and Bitso. Garlinghouse also stated that Bullish, Mercado Bitcoin, Bitstamp, Zero Hash and Independent Reserve will follow.

RLUSD is live natively on both Ethereum and Ripple’s XRP Ledger.

After a delay caused by regulatory hurdles, the launch of the US dollar-pegged stablecoin marks a major milestone for Ripple. The company received regulatory approval for RLUSD from the New York State Department of Financial Services earlier this month.

This development positions Ripple as a potential challenger to the dominance of stablecoin giants Tether (USDT) and Circle (USDC), the two largest USD-pegged stablecoins by market cap.

Like its competitors, RLUSD aims to provide an institutional-grade solution that combines the stability of fiat currency with the efficiency of blockchain technology. Users can leverage RLUSD for global payments, crypto on/off ramp, and participation in the rapidly growing tokenized real-world asset market.

Jack McDonald, Ripple’s senior vice president of stablecoins, described RLUSD as “mile 1 of the marathon.” In addition to instant payments and on/off on-ramps, the stablecoin will support collateralization and decentralized finance integrations.

XRP (XRP), which has risen sharply in recent months, increased by 4% after the official RLUSD decline. The cryptocurrency is up 27% in the past week and 141% in the past month.