#MarketRebound Ripple announced the official launch of its stablecoin, RLUSD, on December 17. The move comes after approval from the New York Department of Financial Services (NYDFS), positioning Ripple as a major player in the stablecoin market.

RLUSD will be available on both the XRP Ledger network and the Ethereum network to facilitate seamless international payments. Initial availability includes platforms such as MoonPay, Uphold, Archax, and CoinMENA, with future support for Bitso, Bullish, Bitstamp, and Mercado Bitcoin. Ripple’s senior vice president of stablecoins, Jack McDonald, emphasized that compliance and utility are the cornerstones of this launch.

Designed to provide stability, RLUSD is aimed at users who want the reliability of fiat currency without the extreme volatility of traditional cryptocurrencies. Fully backed by US dollar deposits, government bonds and cash equivalents, its value is pegged to $1, ensuring trust and consistency.