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Ripple Stablecoin: President Reveals What’s Behind RLUSD
In a recent announcement, Ripple’s President revealed the reasons behind the company’s decision to create its own stablecoin, RLUSD. The move is part of Ripple’s plan to expand its product offerings and increase its presence in the financial technology space.
As the stablecoin is designed to be fully backed by reserves, Ripple has implemented monthly attestations of the stablecoin’s reserves through independent third-party audits. This ensures transparency and accountability for the company’s actions.
RLUSD will be available on a variety of platforms upon its launch, including Uphold, Bitso, MoonPay, Archax, and CoinMENA. The company plans to add more listings in the coming weeks on platforms such as Bullish, Bitstamp, Mercado Bitcoin, Independent Reserve, and Zero Hash, providing users with even greater accessibility.
As a licensed stablecoin by the New York Department of Financial Services (NYDFS), RLUSD is subject to strict regulations and oversight. This ensures that the stablecoin meets high standards for security and transparency.
The introduction of RLUSD is part of Ripple’s strategy to broaden its range of products and services, aiming to become a more significant player in the fintech sector.
Source: u.today
