- RLUSD will debut on several exchanges with expectations of high volatility.
- Ripple hired former central bank officials to be its stablecoin advisor.
Ripple will launch its US dollar-backed stablecoin RLUSD on December 17. The launch follows the stablecoin’s “final approval” from the New York Department of Financial Services.
The stablecoin will initially debut on several crypto platforms and exchanges such as MoonPay, Archax, Uphold, and CoinMENA. Other further listings will include Bistamp, Bitso, and Mercado Bitcoin.
Ripple CEO Brad Garlinghouse expects greater adoption of stablecoins, even as leading players such as Tether (USDT) command as much as $140 billion market value. Garlinghouse said:
“As the U.S. moves toward clearer regulations, we expect to see greater adoption of stablecoins like RLUSD, which offer real utility and are backed by years of trust and expertise in the industry.”
In a move seen to spearhead the new product, Ripple also hired two former central bank officials to its advisory board. These are Raghuram Rajan, former governor of the Reserve Bank of India, and Kenneth Montgomery, former first VP and COO of Boston Federal Reserve Bank.
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RLUSD To Be Restricted in The EU
Ripple will make RLUSD stablecoin available in America, the UK, Asia-Pacific, and the Middle East via its exchange and distribution partners. The token will be restricted in the EU at the beginning until Ripple has the necessary license under the regional MiCA regulations.
Meanwhile, Ripple’s chief technology officer David Schwartz, has warned of potential supply shortages in the early days as the market adjusts. He has cautioned investors against buying the “FOMO” amid expected volatility due to early demand from traders.
