Earlier today, Ripple, the parent company of XRP, took a step forward by introducing its native stablecoin, RLUSD, into the Japanese market. The launch comes in collaboration with its key partner, SBI Holdings, which announced its plans to incorporate the stablecoin into its platform earlier this month. In relation to the development, the CEO of SBI VC Trade, Tomohiko Kondo, stated:
"SBI Group has led the development of the cryptocurrency and blockchain sector in Japan. The introduction of RLUSD will not only expand the stablecoin offerings in the Japanese market but also represents a significant advancement in its reliability and convenience. We will continue to work with Ripple to build a secure and transparent financial infrastructure."
Ripple noted that its enterprise stablecoin RLUSD is built with maximum compliance and transparency. It ensures that it is backed by high-quality reserves, such as short-term U.S. government bonds, U.S. dollar deposits, and other cash equivalents.
Moreover, what sets Ripple apart from its competitors is that it allows for third-party accounting, unlike competitors like Tether's USDT. For greater transparency, the banking giant BNY Mellon holds custody of Ripple's RLUSD stablecoin.