California-based fintech startup Ripple has announced the launch of its own stablecoin, Ripple USD (RLUSD), in collaboration with global cryptocurrency exchanges.
Ripple’s partners for the launch of RLUSD included Bitstamp, Bitso and MoonPay.
Ripple partners in the launch of RLUSD
Global access to the stable coin RLUSD will be provided to companies and users by Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA and Bullish.
Focusing on compliance with regulatory requirements, fintech startup CEO Brad Garlinghouse said that RLUSD could become the benchmark for all stablecoins.
Stablecoin RLUSD from Ripple will be launched on XRP Ledger and Ethereum. It will be pegged to the US dollar and backed by short-term US Treasuries and other cash equivalents.
Closed beta testing of the “stable” coin began in August of this year. The site’s plans to launch such an asset first became known back in April.
Ripple has committed to conducting monthly audits of its reserve assets with independent experts to ensure transparency. Market makers B2C2 and Keyrock will be responsible for the liquidity and distribution of the RLUSD stablecoin.
To ensure responsible and compliant growth, the RLUSD fintech project has also created a dedicated advisory board. It included:
- Ripple co-founder and executive chairman Chris Larsen;
- Former Federal Deposit Insurance Corporation (FDIC) Commissioner Sheila Baer;
- Vice Chairman of Partners Capital and former CEO of the CENTER consortium David Puth;
Ripple is entering a competitive market dominated by Tether’s USDT and Circle’s USDC stablecoins. Together, both assets account for more than 90% of the “stable” coin segment. However, Garlinghouse’s fintech startup is still looking to gain significant market share. The main focus is the highly regulated digital space of the European Union.
At the same time, the startup continues its legal battle with the US Securities and Exchange Commission (SEC). Previously, the site filed a response appeal in the case against the regulator.
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Source: Cryptocurrency
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