Ripple Partners with Bitstamp and Bitso for RLUSD Stablecoin Exchange

Global access to Ripple’s RLUSD stablecoin for institutions and users will initially be facilitated by platforms such as Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish.

Today at #RippleSwell, we’re proud to announce our Ripple USD exchange partners.

Upon regulatory approval, $RLUSD will be globally available for institutions and users from @UpholdInc, @BitStamp, @Bitso, @Moonpay, @Indereserve, @CoinMENA, and @Bullish. https://t.co/iZ7L1MHpn3

— Ripple (@Ripple) October 15, 2024

According to the statement, liquidity for the asset markets will be provided by market makers B2C2 and Keyrock.

In August, Ripple announced the commencement of closed beta testing of its US dollar-pegged stablecoin. The company justified the initiative by citing Bernstein analysts’ forecast of the segment’s capitalization growing to $2.8 trillion in the coming years.

Ripple CEO Brad Garlinghouse noted that the firm’s clients demand a “high-quality stablecoin like RLUSD” for various scenarios, including payments, tokenization of real-world assets (RWA), and DeFi.

Public access to the coin will only be possible after receiving regulatory approvals, the firm emphasized.

“Thanks to our initial exchange partners, the evident utility and demand for RLUSD, and a strong focus on compliance, Ripple’s stablecoin is poised to become the gold standard for the corporate sector,” stated Garlinghouse.

For the “responsible” market launch of the coin, the company has formed an advisory board. It includes:

• former head of the Federal Deposit Insurance Corporation (FDIC) Sheila Bair;
• Vice Chairman of Partners Capital and former CEO of the CENTRE consortium David Puth;
• co-founder and executive chairman of Ripple Chris Larsen.

“Stablecoins are a crucial component in the development of the digital economy, providing a bridge between traditional finance and the cryptocurrency market. They offer the necessary stability for transactions, using blockchain technology to enhance transparency and efficiency,” commented Puth.

Meanwhile, Ripple continues its legal battle with the SEC, ongoing since 2020. The regulator accused the company of raising $1.3 billion through the sale of XRP as unregistered securities.

In July 2023, the firm achieved a partial victory. Judge Analisa Torres ruled that secondary sales and other token distributions did not violate existing regulations. However, this did not apply to institutional purchases of XRP exceeding $700 million.

In August 2024, Torres fined Ripple $125 million—the Commission had sought a $2 billion penalty. The court ruling upheld part of the agency’s motions, including a ban on the firm violating securities laws.

In October, the SEC challenged the verdict in the Court of Appeals, which came as no surprise to Ripple.