Ripple launched a stablecoin in partnership with top crypto exchanges and financial institutions to support cross-border payments. Dubbed RLUSD, the new digital asset promises reliability and a bridge between traditional finance and the decentralized digital economy.

According to Ripple, RLUSD will be available to users worldwide through partnerships with exchanges such as Uphold, Bitstamp, and Bitso. The company aims to enhance liquidity and accelerate the adoption of the new asset.

Use Cases

The introduction of RLUSD comes at a time when businesses and financial institutions are seeking reliable tools for cross-border transactions and asset tokenization, the company mentioned. Ripple's payment network currently covers more than 90 markets.

According to the firm, the broad coverage enables RLUSD to facilitate real-time, 24/7 payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term by reducing costs and transaction times. The new stablecoin will reportedly work alongside Ripple's native token, XRP, to enhance cross-border transactions.

Today at #RippleSwell, we’re proud to announce our Ripple USD exchange partners.

Upon regulatory approval, $RLUSD will be globally available for institutions and users from @UpholdInc, @BitStamp, @Bitso, @Moonpay, @Indereserve, @CoinMENA, and @Bullish. https://t.co/iZ7L1MHpn3

— Ripple (@Ripple) October 15, 2024

Among its use cases, RLUSD will facilitate transactions across international borders to enable businesses to move capital effectively. The token also provides a bridge between fiat currencies and crypto assets, allowing businesses and individuals to convert between the two.

Besides that, the stablecoin supports trading and collateralizing real-world assets such as commodities and securities to improve liquidity and transparency in digital asset markets.

Firms Backing RLUSD

Some of the partners backing Ripple include B2C2 and Keyrock. These firms will reportedly boost the stablecoin Stablecoin Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Unlike other cryptocurrencies like Bitcoin and Ethereum, stablecoins are cryptocurrencies that have been designed to keep a stable value. Placing a greater emphasis on stability over volatility can be a huge draw for some investors. Many individuals can be turned off from large swings and uncertainty presented by cryptos relative to other traditional assets.Stablecoins control for this volatility by being pegged to another cryptocurrency, fiat money, or to exchange-traded commodities, including Read this Term's liquidity to enhance adoption and usability across institutional markets.

RLUSD also aims to contribute to decentralized finance. It is based on both the XRP Ledger and Ethereum blockchains and supports a wide range of financial applications, including decentralized exchanges and trading platforms that rely on stable assets for liquidity and collateral.

Early this month, Ripple obtained the approval to launch its payment infrastructure across the UAE. Dubai Financial Services Authority awarded the company the in-principle approval.

According to the company, this regulatory win will enhance its presence in the region as a platform for blockchain-enabled payment services in the crypto space. It will also enable Ripple to provide enterprise-grade digital asset infrastructure to clients in the UAE.