Former FDIC Chair Sheila Bair, Vice Chairman of Partners Capital and former CENTRE Consortium CEO David Puth, and Ripple Executive Chair Chris Larsen have reportedly joined the RLUSD Advisory Board.
Ripple, the provider of digital asset infrastructure for financial institutions, announced its exchange partners and clients for Ripple USD (RLUSD), which is described aa an “enterprise-grade,” USD-denominated stablecoin created with trust, liquidity, and compliance at its core.
Via key partnerships, RLUSD will be available internationally for institutions and users on exchanges and platforms, including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, as well as Bullish.
Brad Garlinghouse, Ripple CEO said that customers and partners have been asking for “high-quality” stablecoins such as RLUSD in order to use across various financial use cases, like payments, tokenization of real-world assets, and decentralized finance.
Garlinghouse added that their payment solutions will now aim to leverage RLUSD, XRP, and other digital assets to enable “faster, more reliable, and cost-effective cross-border payments.”
Market makers, such as B2C2 and Keyrock, will now reportedly support the “liquidity of RLUSD driving broader adoption across markets.”
As explained in the extensive update from Ripple, RLUSD is said to be “one” of the few stablecoins issued under a New York Trust Company Charter, ensuring “oversight and regulation.”
Ripple has assembled a new advisory board, including former Federal Deposit Insurance Corporation (FDIC) Chair Sheila Bair, Vice Chairman of Partners Capital and former CENTRE Consortium CEO David Puth, and Ripple co-founder and Executive Chair Chris Larsen, in order to guide the “responsible introduction” of RLUSD to the market.
Sheila Bair, former FDIC Chair said that stablecoins will play a role in modernizing the financial infrastructure and broadening financial inclusion.
David Puth, Vice Chairman of Partners Capital and former CENTRE Consortium CEO said stablecoins are a critical component in the evolution of the digital economy, providing “a bridge between traditional finance and the crypto market.”
RLUSD is said to be combine the “stability” of fiat currencies along with the efficiency of blockchain tech, making it suitable for financial use cases.
Backed by Ripple’s enterprise experience and “proven” track record, RLUSD is reportedly built for the following:
- Payments: RLUSD enables real-time, 24/7 global payments. Alongside XRP, RLUSD will be integrated into Ripple’s cross-border payments solution to continue to improve transaction time, cost efficiency, and reliability. Ripple’s robust payment network covers over 90 markets, representing more than 90% of daily FX volume, and has facilitated over 37 million transactions worth nearly $70B.
- On/Off Ramps: RLUSD provides a stable, reliable bridge between traditional fiat currencies and the crypto ecosystem. Users can easily convert between stablecoins and fiat without worrying about price volatility, ensuring a seamless and efficient transition when entering (on-ramp) or exiting (off-ramp) the crypto space.
- Tokenization of Real-World Assets (RWA): Compliant and transparent stablecoins, like RLUSD, provide liquidity, settlement, and collateralization for trading RWAs such as commodities, securities, and treasuries on-chain. RLUSD provides a stable medium of exchange, reducing transaction volatility and costs.