Brad Garlinghouse, CEO of Ripple, is striving to establish the RLUSD stablecoin as the industry’s gold standard as it approaches its launch.
Ripple CEO Brad Garlighouse has announced the company’s upcoming stablecoin launch, Ripple USD (RLUSD), as the long-awaited launch approaches. Garlinghouse issued an audacious declaration in response to the announcement of exchange partners for the digital asset pegged to the dollar, asserting that RLUSD will become the gold standard for enterprise-grade stablecoins.
The Ripple CEO stated that RLUSD has been in development for nearly a year and is based on trust, liquidity, and compliance. As its launch approaches, it has secured the support of trustful exchange partners, market makers, and an advisory board.
In order to guarantee dependability, RLUSD is secure by short-term U.S. Treasury bonds, dollar deposits, and cash equivalents. Furthermore, BPM, an accounting firm based in San Francisco, will compile an independent report on the company’s reserves on a monthly basis.
Monica Long has stated that the organization is currently operationally prepared for the RLUSD’s introduction. The stablecoin has been the subject of significant transfers of millions of dollars over the past few days, as it is presently undergoing testing on the Ethereum and XRP Ledger networks.
Nevertheless, there is still a waiting period, as the public introduction of Ripple USD has not yet been approved by the New York Department of Financial Services. It was explicitly stated in the initial announcement that the stablecoin would be launched no later than this year. Consequently, it is possible that the NYDFS has already given its approval.
Garlinghouse’s assertion that Ripple USD could be launched in “weeks, not months” in Korea last month also contributes to optimism.
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