Amid Trump-Backed World Liberty's Endorsement Of Stablecoins Over Bitcoin, Ripple Introduces Dollar-Denominated Stablecoin RLUSD

Benzinga · 10/15 13:30

Ripple (NASDAQ:XRP) has introduced its U.S. dollar-pegged stablecoin, RLUSD, targeting enterprise applications, on Tuesday. This development coincides with World Liberty, supported by Donald Trump, advocating for stablecoins over Bitcoin (CRYPTO: BTC).

What Happened: As per Ripple’s press release, the RLUSD stablecoin will be available globally through collaborations with major exchanges such as Uphold, Bitstamp, and Bitso. It aims to offer a dependable and compliant digital asset for financial institutions, enhancing cross-border payment solutions alongside XRP.

Brad Garlinghouse, Ripple’s CEO, highlighted the increasing demand for high-quality stablecoins like RLUSD, emphasizing its potential in payments, asset tokenization, and decentralized finance. RLUSD’s liquidity and market adoption are supported by leading market makers B2C2 and Keyrock.

The advisory board for RLUSD includes prominent figures such as former FDIC Chair Sheila Bair and former CENTRE Consortium CEO David Puth. Issued under a New York Trust Company Charter, the stablecoin ensures strict regulatory compliance.

See Also: Donald Trump Says His Crypto Project World Liberty Financial Will Start Selling Tokens On Tuesday

RLUSD combines fiat stability with blockchain efficiency, offering real-time global payments and seamless crypto-fiat transitions. It is backed by US dollar deposits and government bonds, with monthly audits for transparency.

Why It Matters: The launch of RLUSD comes amid World Liberty’s shift towards stablecoins, reflecting a broader trend in the cryptocurrency market. The Trump-backed initiative emphasizes the use of U.S. dollar-backed stablecoins over speculative assets like Bitcoin, aligning with the goal of supporting the U.S. economy.

Ripple’s introduction of RLUSD also follows a recent legal victory where Ripple faced a $125 million fine, significantly less than the $1.9 billion sought by the SEC. This legal clarity has potentially paved the way for Ripple’s new ventures, including the RLUSD stablecoin.

Moreover, Ripple’s efforts to expand its offerings come amid ongoing discussions about the potential approval of a Ripple ETF, which faces regulatory uncertainties. The introduction of RLUSD could bolster Ripple’s position in the evolving digital asset landscape.

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This story was generated using Benzinga Neuro and edited by Pooja Rajkumari