Ripple will launch its stablecoin RLUSD on December 17, followed by monthly verifications

PANews reported on December 17 that according to The Block, the release date of Ripple’s USD-pegged stablecoin is December 17. Ripple said in a statement on Monday: "RLUSD will be listed on global exchanges starting tomorrow. Each RLUSD token is fully backed by U.S. dollar deposits, U.S. government bonds and cash equivalents." An independent auditing firm will be responsible for the creation of RLUSD Proof of reserve assets to increase transparency. These certifications will be published on a monthly basis.

Ripple CEO Brad Garlinghouse said in a statement on Monday: "Ripple made a decision early on to launch our stablecoin under the New York Department of Financial Services (NYDFS) Limited Purpose Trust Company Charter, which is widely regarded as is the world’s premier regulatory standard. As the U.S. moves towards clearer regulation, we expect stablecoins such as RLUSD to become more widely adopted.”

Ripple also said that the stablecoin will initially be “available on Uphold, MoonPay, Archax, and CoinMENA, with listings expected to be available on Bitso, Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, Zero Hash and other platforms in the coming weeks.”