Ripple Swell: RLUSD Stablecoin Launch and NYDFS Crypto Focus

• Ripple CEO acknowledges RLUSD’s potential to revolutionize the stablecoin market.
• At Ripple Swell, the team announced the exchange partners for the RLUSD launch.
• Adrienne Harris highlights the significance of responsibility, commenting on the crypto-TradFi integration.

Ripple Swell, Ripple’s annual conference, kicked off on October 15 in Miami with the strategic announcement of the platform’s exchange partners for its stablecoin, RLUSD. In an X post today, Ripple CEO Brad Garlinghouse highlighted RLUSD’s potential to revolutionize the stablecoin market. Collaborating with exchanges, market makers, and advisory boards, the stablecoin sets a new industry standard.

Kicking off Ripple Swell with a bang!

RLUSD has been nearly a year in the making, and with our trusted exchange partners, market makers, and advisory board, RLUSD is set to become the gold standard for enterprise-grade stablecoins—built on trust, liquidity, and compliance. https://t.co/fLPglsjkfI

— Brad Garlinghouse (@bgarlinghouse)
October 16, 2024

Ripple held its annual conference on October 15 and 16, bringing together Ripple partners and clients. During the event, Ripple announced that RLUSD would be distributed through partnering platforms like Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish. According to Garlinghouse, RLUSD’s development, which took over a year, has focused on integrating core values of trust, liquidity, and regulatory compliance.

During a discussion with Ripple’s chief legal officer at Ripple Swell, Adrienne Harris, the chief of the New York Department of Financial Services (NYDFS), provided an optimistic update. Harris revealed that the NYDFS has formed a dedicated team of around 60 professionals focusing exclusively on cryptocurrency.

“We want innovation to happen, but we want it to be careful and responsible.”@NYDFS Superintendent Adrienne Harris joins Ripple’s @s_alderoty on stage at #RippleSwell to discuss the changing landscape of cryptocurrency in the U.S. and the implications of regulations for the… pic.twitter.com/mVsUumTmiV

— Ripple (@Ripple)
October 15, 2024

When asked about integrating the crypto industry with traditional finance (TradFi), she stated, “We want innovation to happen, but we want it to be careful and responsible.” She further added:

“For people to run the water through the pipes and really make sure they’re thinking through unintended consequences or how the system is going to work and how it might break. And I think the TradFi folks really bring a little bit more of that sensitivity to the space which is good.”

Read also: Ripple CEO Slams SEC for Ignoring XRP Court Ruling

Garlinghouse considers the introduction of RLUSD a game-changing development in the context of increasing demand for stablecoins. He sees RLUSD as a “gold standard” for enterprise-grade stablecoins. While the community has been demanding high-quality stablecoins like RLUSD, the Ripple CEO believes that the stablecoin launch could have a major impact on the financial landscape.

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