Introducing Ripple USD (RLUSD) on Uphold
Uphold is proud to be among the initial launch partners of RLUSD, Ripple’s first stablecoin solution! Combining security, transparency, and performance, RLUSD looks to bring a reliable digital dollar equivalent to institutions and the broader Web3 ecosystem.
RLUSD is valued 1:1 with the US dollar, and is fully backed by USD fiat and cash equivalents, such as U.S. Treasury Bills and government money market funds, held at U.S.-based financial institutions. Ripple ensures transparency through monthly reserve attestations conducted by independent certified public accountants, detailing RLUSD’s reserve holdings, tokens minted and burned, and the circulating supply.
Key Features
Regulation: RLUSD is issued by Standard Custody and Trust Company, LLC, a Ripple subsidiary regulated by the New York Department of Financial Services (NYDFS). This regulatory oversight underscores Ripple’s adherence to industry best practices.
Multi-Chain: RLUSD is issued natively on the XRP Ledger and Ethereum Mainnet, allowing it to benefit from Ethereum’s established ecosystem while leveraging the speed, low transaction costs, and scalability of the XRP Ledger. This multi-chain deployment ensures that RLUSD remains accessible and adaptable within the broader digital finance landscape.
Enterprise-Grade Solution: Ripple’s 10+ years of experience with on-chain enterprise solutions helps to position RLUSD as a dependable stablecoin option for institutional and payment providers. The stablecoin is designed to facilitate efficient, low-cost global payments, address liquidity challenges, and support the seamless movement of assets across borders.
Security Measures: RLUSD employs a multi-layered security approach. The Ethereum smart contracts undergoing audits by independent security firms. Ripple also maintains a Threat and Vulnerability Management program, along with a bug bounty initiative through HackerOne, to identify and mitigate potential security risks.
Looking Ahead: The Future of Digital Finance with RLUSD
RLUSD represents the next step in Ripple’s vision of creating a more efficient, inclusive financial ecosystem. Combining the stability of a fiat-backed digital asset with Ripple’s extensive regulatory experience, RLUSD looks to meet the robust needs of institutions and enterprises. As Ripple continues to expand its suite of blockchain-based products, RLUSD is poised to play a significant role in the evolution of digital payments, enterprise finance, and beyond.
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