The post The Wait is Over: Ripple’s RLUSD Stablecoin Set to Launch Tomorrow appeared first on Coinpedia Fintech News
Ripple’s new stablecoin, RLUSD, will be available for trading starting Tuesday (December 17), following approval from the New York State Department of Financial Services (NYDFS) earlier this month. This launch marks Ripple’s entry into the highly competitive $203 billion stablecoin market.
The U.S. dollar-backed stablecoin will be issued on both the Ethereum blockchain and the XRP Ledger. Initially, it will be listed on select global exchanges, with plans for further expansion. However, RLUSD will not be available on Coinbase at launch. Ripple made the announcement on Monday.
Ripple also revealed key appointments to its RLUSD advisory board, including a former governor of the Reserve Bank of India. Ripple Payments has processed $70 billion across 90 markets worldwide.
“Part of the impetus for us wanting to launch a stablecoin is the growth we’ve seen specifically in cross border payments. As we’ve been using stablecoins more and more in our flows, that really piqued our interest that we should have our own native stablecoin that can be more cost effective and more operationally efficient to use,” Jack McDonald, Ripple’s senior vice president of stablecoins, told CNBC.