Brad Garlinghouse, CEO of Ripple, has shared important details about the upcoming launch of the company’s stablecoin, Ripple USD (RLUSD).
As the launch date nears, Garlinghouse says Ripple aims to position RLUSD as a standard for stablecoins in the industry, especially in enterprise applications.
RLUSD, a digital asset pegged to the U.S. dollar, has been under development for nearly a year. Garlinghouse emphasized that the stablecoin’s foundation rests on three main principles: trust, liquidity, and regulatory compliance.
The company has been working with trusted exchange partners and market makers to ensure a successful launch, alongside an advisory board to guide its rollout.
The stablecoin is designed with security in mind, backed by a mix of short-term U.S. Treasury bonds, dollar deposits, and cash equivalents.
To guarantee transparency and maintain investor confidence, Ripple will publish monthly reserve reports.
These reports will be independently audited by BPM, a San Francisco-based accounting firm, offering verified insights into RLUSD’s financial stability.
Monica Long, a senior Ripple executive, confirmed that the company has reached an operational readiness stage for the stablecoin’s launch.
In recent days, large-scale fund transfers have been made into the stablecoin, which is currently being tested on the XRP Ledger and Ethereum networks to ensure its functionality and efficiency.
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Awaiting NYDFS Approval for the Official Launch
Despite the preparations, the stablecoin is still awaiting approval from the New York Department of Financial Services (NYDFS). The stablecoin cannot be publicly launched until it receives the necessary regulatory green light.
Since Ripple had previously committed to launching RLUSD within this calendar year, the company remains optimistic that approval from the NYDFS is expected soon.
This sentiment was reinforced by Garlinghouse, who recently stated in Korea that the stablecoin could go live “within weeks.”
Ripple’s goal with the stablecoin is to create a stablecoin that meets the demand for secure, transparent, and compliant digital assets, particularly for institutional use.
By focusing on regulatory oversight and providing regular transparency reports, Ripple aims to differentiate RLUSD from other stablecoins in the market.
As the company moves closer to the official launch, the stablecoin could play a significant role in shaping the stablecoin landscape, offering enterprises a trusted option that aligns with both market needs and regulatory standards.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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