tl;dr
Ripple President Monica Long confirmed the growing demand for Ripple's upcoming dollar-pegged stablecoin, RLUSD, following a successful week at the Singapore FinTech Festival. She highlighted the interest in stablecoins, particularly USD-based stablecoins in regions like Latin America, and the poten...
Ripple President Monica Long confirms growing demand for stablecoins, including RLUSD, backed by U.S. Treasury bonds and awaiting public rollout.
RLUSD stablecoin poised for public launch, attracting customer interest and supported by independent monthly attestations of reserves.
Monica Long discusses stablecoin market's potential for various fiat-backed stablecoins, signaling a new trend in CNBC appearance.
Ripple's RLUSD stablecoin, operationally ready, awaits regulatory approval and counts former FDIC Chair and Centre CEO among its advisory board.
Ripple President Monica Long confirmed the growing demand for Ripple's upcoming dollar-pegged stablecoin, RLUSD, following a successful week at the Singapore FinTech Festival. She highlighted the interest in stablecoins, particularly USD-based stablecoins in regions like Latin America, and the potential for EUR and SGD stablecoins to establish their market presence. Long also revealed that RLUSD already has lined up customers awaiting its public launch. The stablecoin will be backed by U.S. Treasury bonds and dollar deposits, undergoing testing on the XRP Ledger and Ethereum mainnet networks. Ripple is awaiting regulatory approval from the New York Department of Financial Services for RLUSD's public rollout. Additionally, former FDIC Chair Sheila Bair and former Centre CEO David Puth have been named to the stablecoin advisory board.
In a recent tweet, Ripple President Monica Long ended speculation surrounding the demand for Ripple's upcoming dollar-pegged stablecoin, RLUSD. Fresh from a successful week at the Singapore FinTech Festival, Long shared her insights into the growing interest in stablecoins. "Back from a fantastic week at Singapore FinTech Festival, on and off stage, everyone was talking about stablecoins," Long tweeted. She highlighted the growing demand for USD-based stablecoins in regions like Latin America (LATAM), while also highlighting the potential for EUR and SGD stablecoins to establish their market presence.
Long also disclosed that RLUSD already has customers lined up, ready to use the stablecoin once it is publicly launched.
During her appearance on CNBC's Street Signs Asia, Long discussed the thriving stablecoin market. She stated that the payments use case for stablecoins is poised to become a "massive trend." Long's statements imply that the market can expect the introduction of new stablecoins pegged to various fiat currencies, further expanding the stablecoin ecosystem.
RLUSD will be backed by short-term U.S. Treasury bonds, dollar deposits and cash equivalents, and is now in testing on the XRP Ledger and Ethereum mainnet networks. Ripple will provide independent monthly attestations to its reserves, prepared by San Francisco-based accounting firm BPM. In October, Ripple disclosed that the RLUSD stablecoin is "operationally ready" but awaiting regulatory approval by the New York Department of Financial Services. The company also named exchange partners and market makers for the RLUSD stablecoin, as it gears up for its public rollout. It also added former FDIC Chair Sheila Bair and former Centre CEO David Puth to its stablecoin advisory board. In April, Ripple announced plans to launch its stablecoin, vying for a piece of the $179 billion rapidly growing stablecoin market.