How Will Ripple's RLUSD Bridge Finance and Asset Tokenization?

Earlier this year, Ripple revealed its intention to introduce its own stablecoin, aiming to tap into the fast-growing $170 billion stablecoin market.

At the recent Ripple Swell 2024 event in Miami, Ripple announced its exchange and market maker partners for the upcoming RLUSD, a stablecoin pegged to the US dollar. The company also unveiled the addition of former FDIC chair Sheila Bair and David Puth, the ex-CEO of Centre (the organization responsible for setting standards for USD Coin (USDC)), to its advisory board.

As a leading provider of blockchain services connected to the XRP Ledger (XRP), Ripple is collaborating with several exchanges to facilitate the initial distribution of RLUSD, including Bitstamp, Bitso, Bullish, CoinMENA, Independent Reserve, MoonPay, and Uphold.

Moreover, crypto trading firms Keyrock and B2C2 will provide market making for the new token.

The company is awaiting final regulatory approval from the New York Department of Financial Services (NYDFS) for the public release of RLUSD. However, Ripple Labs President Monica Long recently confirmed in an interview with CoinDesk that they are "operationally ready" on their end.

How Will Ripple's RLUSD Bridge Finance and Asset Tokenization?

Earlier this year, Ripple announced its intention to introduce its own stablecoin, aiming to tap into the rapidly expanding $170 billion stablecoin market.

In the world of cryptocurrency, stablecoins play a pivotal role, serving as a bridge between traditional fiat currencies and blockchain-based assets. Their use is especially prevalent in cross-border payments and as a payment method for goods and services, particularly in emerging economies.

With RLUSD, Ripple aims to leverage its strong presence in payments and contribute to the tokenization of real-world assets, as stated by Ripple Labs President Monica Long.

"We've shown the value of stablecoins in enabling payments," said Long. "But we're also seeing a broader trend towards tokenizing real-world assets. As we move beyond tokenizing money to financial instruments like securities, bonds, real estate, and other types of assets, having a stablecoin that is trusted, reliable, and well-managed is essential for smooth transitions on and off the blockchain."

RLUSD is backed by short-term U.S. Treasuries, cash deposits, and cash equivalents and is currently being tested on both the XRP Ledger and Ethereum networks.

Ripple plans to provide monthly independent reports on its reserves, which will be verified by BPM, an accounting firm based in San Francisco.

The above is the detailed content of How Will Ripple's RLUSD Bridge Finance and Asset Tokenization?. For more information, please follow other related articles on the PHP Chinese website!