Ripple Introduces Advisor and Exchange Partner for Planned Stablecoin RLUSD

The crypto industry is eagerly awaiting the stablecoin RLUSD announced by Ripple in April. Advisors and exchange partners for the Ripple project have now been introduced – but a launch date for RLUSD has not been announced.

Ripple (XRP) is currently holding its annual conference “Swell” in Miami, and of course the planned stablecoin RLUSD cannot be left out. News about RLUSD is being disseminated through a press release and interviews. At least seven crypto exchanges and platforms will support RLUSD from the start through strategic partnerships, including Bitstamp, Uphold and MoonPay. However, the really big crypto exchanges like Binance, Coinbase or OKX are missing from the Ripple list.

There is also still no launch date for RLUSD

Ripple CEO Brad Garlinghouse announced the launch of the stablecoin “in weeks, not months” at the beginning of September, but this countdown has expired. They are still waiting for RLUSD to be approved by the financial regulator in New York, but they are now saying that they can start operations immediately. Then the crypto financiers B2C2 and Keyrock, who were introduced as market makers, will come into play.

Ripple has put together a new advisory board for RLUSD approval and regulatory issues, including former top official Sheila Bair (FDIC) and ex-CEO David Puth of Circle (issuer of the stablecoin USDC), all well-known names in the financial industry. They are now likely to be trying to speed up the approval process for RLUSD in the background. Ripple has big plans for its stablecoin, from instant payments to fiat bridges to tokenization. RLUSD is expected to secure a noticeable market share in the fast-growing stablecoin sector.

Meanwhile, Ripple’s only cryptocurrency to date, XRP, is struggling. When it was announced on October 2 that the US Securities and Exchange Commission (SEC) was initiating an appeal in the XRP case, the price curve tipped significantly into the red and has not recovered from that yet. Ripple’s chief legal officer Stuart Alderoty reminded FoxBusiness that the substantive part of the XRP appeal process is now beginning with submissions from the SEC and is expected to last until July 2025.

Conclusion: Ripple projects in limbo – patience required

The relationship between Ripple and US financial authorities is divided, and in many states they have become accustomed to each other. But for the SEC, Ripple and XRP are a thorn in the side and the resumption of the legal dispute is stirring up nervousness.

RLUSD is said to differ little in concept from the leading stablecoins Tether (USDT) and USDC, and is secured 1:1 by US dollars, short-term government bonds and comparable financial instruments. Ripple also wants to prove this through monthly independent audits. Unfortunately, Ripple does not reveal why the approval process for RLUSD in New York is still stalling.

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