Ripple Reveals First Exchange Partners for RLUSD Stablecoin Awaiting NYDFS Approval

• Ripple announced its first exchange and market maker partners for its upcoming RLUSD stablecoin at the Ripple Swell 2024 conference in Miami.
• Exchanges such as Bitstamp, Bitso, Bullish, CoinMENA, Independent Reserve, MoonPay, and Uphold will distribute RLUSD.

Ripple has been a constant presence in the crypto news for the past four years. While legal battles once dominated headlines, the company’s potential as a cross-border payment giant has recently taken center stage. This year’s unveiling of the RLUSD stablecoin has taken the spotlight.

The why behind this is that Ripple revealed its first exchange and market maker partners for the much-anticipated RLUSD stablecoin at the Ripple Swell 2024 conference in Miami.  Ripple’s RLUSD has kept the crypto market on the edge of its seats but this announcement marks an important step forward as it prepares to dominate the stablecoin industry which has grown to over $170 billion.

Today at #RippleSwell , we’re proud to announce our Ripple USD exchange partners.

Upon regulatory approval, $RLUSD will be globally available for institutions and users from @UpholdInc , @BitStamp , @Bitso , @Moonpay , @Indereserve, @CoinMENA , and @Bullish . https://t.co/iZ7L1MHpn3

— Ripple (@Ripple) October 15, 2024

However, as we earlier reported , with the community poised for a major announcement, Ripple’s progress hinges on regulatory approval from the New York Department of Financial Services (NYDFS).

Ripple’s RLUSD stablecoin which will be first launched in the XRP Ledger and Ethereum networks, is pegged to the U.S. dollar and aims to serve as a bridge between traditional fiat currencies and blockchain-based digital assets. This will solidify its position as a global payment option and also be leveraged in the tokenization of RWAs. 

According to Ripple Labs President Monica Long, the firm is “operationally ready” for the RLUSD launch, which could happen soon, pending NYDFS approval.

The company has already established key partnerships with leading exchanges and market makers to ensure a smooth and widespread rollout. Exchanges such as Bitstamp, Bitso, Bullish, CoinMENA, Independent Reserve, MoonPay, and Uphold will distribute RLUSD, 

On the other hand, Keyrock and B2C2 will serve as the stablecoin’s initial market makers. 

Additionally, Ripple has boosted its advisory board with high-profile additions, including former FDIC chair Sheila Bair and David Puth, former CEO of Centre, the consortium that established standards for USD Coin (USDC).  

Stablecoins have become a crucial part of the crypto economy. They are widely used for cross-border transactions and as payment vehicles, particularly in emerging markets. By launching RLUSD, Ripple seeks to not only expand its foothold in the payments sector but also position itself as a key player in the broader trend of real-world asset tokenization.

Monica Long highlighted that Ripple sees stablecoins like RLUSD as crucial infrastructure for tokenizing money and other assets, such as securities, real estate, and bonds.

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.