The RLUSD stablecoin is initially supported by several cryptocurrency exchanges, including Uphold, Bitso, MoonPay, Archax, and CoinMENA. Additional platforms are expected to adopt it soon, including Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and Zero Hash. This marks a wider launch compared to two months ago, with Archax, Mercado Bitcoin, and Zero Hash being notable additions.
Ripple officials explained the decision to launch the stablecoin under the NYDFS charter, which is widely recognized as a high regulatory standard. They added that as US regulations become clearer, they anticipate wider adoption of stablecoins like RLUSD, citing their practical utility and the trust built through Ripple’s industry experience.
Ripple also reported that the total payments volume processed by its network has reached USD 70 billion, while the market capitalisation of its XRP token stands at USD 152 billion, more than double the payments volume.
The RLUSD stablecoin is expected to be used in various applications, including cross-border payments, corporate treasury management, decentralized finance (DeFi), and as collateral for margin trading. One of its key advantages is the network’s established presence, with over 90 global payout markets.
Ripple Labs has received approval from the New York Department of Financial Services (NYDFS) to issue its RLUSD stablecoin earlier in December 2024.
Ripple initially announced RLUSD as a competitor to major stablecoins such as Tether’s USDT and Circle’s USDC. Testing for the token began in August on the XRP Ledger and Ethereum mainnets following an announcement in April. By October, Ripple had secured partnerships with several exchanges, including Uphold, Bitstamp, and Bitso, as well as liquidity providers such as B2C2 and Keyrock, to support the stablecoin’s rollout.
The NYDFS approval process experienced some delays, with Ripple initially anticipating a decision by 4 December 2024. Despite this, Ripple’s CEO emphasised the company’s commitment to New York’s strict cryptocurrency regulatory framework.
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