Ripple Announces RLUSD Stablecoin Partnerships and Expands into Regulated Derivatives Market
Ripple has officially announced the exchange partners who will support its new Ripple USD (RLUSD) stablecoin, according to a statement issued on October 15. Ripple (XRP) still remains above crucial support at $0.54 as financial remittance business Ripple makes announcements.
According to the statement, RLUSD will be available to institutions and people worldwide via key crypto trading platforms such as Uphold, Bitso, Bitstamp, CoinMENA, Independent Reserve, MoonPay , and Bullish.
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.@Ripple's stablecoin is "operationally ready" as the firm named exchange partners, market makers and an advisory board for RLUSD. The firm is now waiting for regulatory approval from @NYDFS, Ripple president @MonicaLongSF said. By @sndr_krisztian.https://t.co/ArM1CVEd8k
— CoinDesk (@CoinDesk) October 15, 2024
The cryptocurrency startup also announced that key market makers, such as B2C2 and Keyrock, will provide liquidity for RLUSD, which allows for wider adoption.
Regulatory Compliance and Advisory Board
Ripple has developed an advisory board for RLUSD that comprises Sheila Bair, former Chair of the Federal Deposit Insurance Corporation (FDIC); David Puth, Vice Chairman of Partners Capital and former CEO of the CENTRE Consortium; and Chris Larsen, Ripple Co-Founder and Executive Chairman.
RLUSD is issued under the New York Trust Company Charter, making it subject to regulatory scrutiny.
Stablecoins will play an important role in the global financial system, according to Sheila Bair’s announcement: Stablecoins will help modernize our financial infrastructure and expand financial inclusion. I am thrilled to join Ripple’s advisory board as they introduce their stablecoin with a compliance-first focus.
As the cryptocurrency sector evolves, responsible innovation will remain critical for adoption, according to Bair.
Use Cases and Blockchain Support
Ripple has found many applications for RLUSD, including cross-border payments, on/off ramps for cryptocurrency exchanges, and tokenization of real-world assets (RWA). Ripple’s cross-border payments system will include both the stablecoin and XRP, the XRP Ledger’s native cryptocurrency.
Brad Garlinghouse, CEO of Ripple, stated that RLUSD will complement Ripple’s existing product suite, particularly in the area of cross-border payments, and that our payment solutions will use RLUSD, XRP, and other digital assets to facilitate faster, more trustworthy, and cost-effective cross-border payments.
RLUSD will be launched on both the XRP Ledger and the Ethereum blockchains. US dollar deposits, US government bonds, or cash equivalents secure each RLUSD token. Ripple has agreed to release monthly, third-party audited declarations of reserve assets undertaken by BPM, an accounting firm.
Ripple’s RLUSD Exceeds $60 Million Supply, Challenges Loom in Stablecoin Market
While the asset is still in private beta, CryptoQuant data shows that its supply has reached over $47.4 million, with 34.8 million RLUSD on the XRPL network and the remainder on Ethereum.
Nonetheless, Ripple will face an uphill battle in a confined market where the two largest players – Tether and USD Coin (USDC) – account for roughly 90% of total market capitalization, according to CoinGecko.
Ripple Leads $25 Million Investment in Bitnomial’s Digital Asset Derivatives Exchange
Meanwhile, Ripple led a $25 million fundraising round for Bitnomial, a digital asset derivatives exchange and broker platform headquartered and regulated in the United States.
Ripple leads $25 million round in Bitnomial as the derivatives exchange launches futures trading platform in US @Bitnomial https://t.co/ir3w0wFToo
— CoinVoice (@coin_voice) October 16, 2024
On October 15, Bitnomial announced that Ripple, the firm behind XRP, would lead the fundraising round. This comes as the company prepares to publicly unveil Botanical, the startup’s everlasting futures trading platform.
According to a news statement, Botanical will provide customers with access to perpetual futures, regular futures, and options trading. The platform is still in closed beta, but when it goes public, users will have access to products that are compliant with US Commodity Futures Trading Commission laws.
Ripple CEO Brad Garlinghouse stated that Bitnomial is ushering in a new age for the regulated derivatives market.
Bitnomial’s approach to integrating offshore trading techniques inside the US derivatives industry creates an enormous opportunity by establishing a compliant derivatives sector for digital assets like XRP, according to Brad Garlinghouse.
Bitnomial intends to leverage Ripple’s soon-to-be-released stablecoin RLUSD for settlement, Garlinghouse noted.
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