Ripple USD (RLUSD), a new stablecoin developed by the prominent blockchain payments company Ripple, is currently in private beta testing. While no official public launch date has been confirmed, Ripple executives have indicated that the rollout could happen imminently—potentially within weeks rather than months. This positions RLUSD as one of the most anticipated stablecoin debuts of 2024.
As of early October, approximately 47.1 million RLUSD tokens are already circulating across two major blockchains: the XRP Ledger and Ethereum. These tokens are being used exclusively for internal testing, allowing Ripple to refine functionality, ensure regulatory compliance, and eliminate technical vulnerabilities before a full-scale release later this year.
What Is Ripple USD (RLUSD)?
Ripple USD (RLUSD) is a dollar-pegged stablecoin designed and issued by Ripple Labs. It maintains a 1:1 value ratio with the U.S. dollar and aims to provide a compliant, efficient, and globally accessible digital dollar solution for financial institutions and crypto users alike.
Unlike many speculative cryptocurrencies, stablecoins like RLUSD serve practical utility by minimizing volatility while enabling fast, low-cost transactions across borders. RLUSD is built to operate seamlessly on both the XRP Ledger and Ethereum, giving it broad interoperability and access to deep liquidity pools across decentralized finance (DeFi), centralized exchanges, and traditional financial systems.
Key Features of RLUSD
- Stable Value: Pegged 1:1 to the U.S. dollar, backed by cash and cash-equivalent reserves.
- Multi-Chain Deployment: Available on XRP Ledger and Ethereum, supporting diverse use cases.
- Regulatory Compliance: Designed in alignment with global financial standards, making it attractive to institutional partners.
- Instant Settlement: Enables near-instant cross-border payments with finality in seconds.
- Programmable Finance: Supports smart contracts and automated payment logic for enterprise integration.
Potential Use Cases
Ripple envisions RLUSD playing a transformative role in several key areas:
- Cross-Border Remittances: Facilitate real-time, low-cost international money transfers without traditional banking delays.
- Exchange Trading Pairs: Serve as a reliable stablecoin pair on cryptocurrency exchanges for trading against XRP, Bitcoin, and other digital assets.
- Institutional Payments: Enable banks and payment service providers to integrate compliant digital dollars into existing infrastructure.
- DeFi Integration: Provide liquidity in decentralized lending and yield protocols on Ethereum and XRPL-based platforms.
🔍 Over 47 million RLUSD tokens are currently in circulation for testing purposes.
— Data source: CryptoQuant
Ripple is actively stress-testing the minting and burning mechanisms of RLUSD to ensure system resilience. You can monitor real-time transaction data through blockchain explorers like XRP Scan, or follow updates from the unofficial @RL_Tracker account on X (formerly Twitter), which shares insights into large-scale burns and supply adjustments.
When Will RLUSD Launch Publicly?
While Ripple has not announced an exact launch date, public statements from CEO Brad Garlinghouse offer strong clues about timing.
Speaking at Korean Blockchain Week in September 2024, Garlinghouse stated that the launch is imminent:
“We will certainly launch soon. Weeks, not months.”
This suggests a Q4 2024 release window, likely before the end of December. The company initially planned to introduce RLUSD in March 2023 following USDC’s temporary de-pegging incident—a moment that exposed vulnerabilities in existing stablecoin ecosystems.
Garlinghouse emphasized that Ripple saw an opportunity:
“We felt like there was an opportunity for a credible player already working with lots of financial institutions to lean into that market.”
Given Ripple’s extensive network of over 100 financial institution partners worldwide, RLUSD is positioned to enter the market with strong institutional backing—an advantage few new stablecoins possess.
Where Can You Buy RLUSD?
Currently, RLUSD is not available for public purchase. It remains in a closed beta phase restricted to select partners and internal testing environments.
However, once RLUSD transitions to public availability, it is expected to be listed on several major cryptocurrency exchanges. Ripple has already confirmed its initial exchange partners, including:
- Bitstamp
- Bitso
- Bullish
- CoinMENA
- Independent Reserve
- MoonPay
- Uphold
These platforms span multiple regions—from North America and Europe to the Middle East—indicating Ripple’s intent to achieve global distribution from day one.
Additionally, integration with Ripple’s own payment solutions, such as RippleNet, may allow direct issuance and redemption of RLUSD for institutional clients processing cross-border transactions.
Market Context: A Booming Stablecoin Ecosystem
The timing of RLUSD’s launch aligns with a period of robust growth in the stablecoin sector.
In late September 2024, the total market capitalization of all stablecoins reached an all-time high of **$169 billion**, surpassing the previous peak of $150 billion set in August 2022. This surge reflects increasing demand for digital dollars amid rising adoption in DeFi, remittances, and institutional treasury management.
Despite this growth, the market remains dominated by two players:
- Tether (USDT) – ~$110B market cap
- USD Coin (USDC) – ~$35B market cap
RLUSD enters as a potential challenger aiming to disrupt this duopoly by leveraging Ripple’s established credibility, regulatory engagement, and global financial relationships.
If successful, RLUSD could capture significant market share—particularly among institutions seeking a trusted alternative backed by a proven payments innovator.
Frequently Asked Questions (FAQ)
Q: Is RLUSD available for purchase now?
No. RLUSD is currently in private beta testing and not available for public trading or purchase.
Q: Will RLUSD be on Ethereum and XRP Ledger only?
Yes. Initial deployments are confirmed for both Ethereum and XRP Ledger. Future expansion to other chains hasn’t been ruled out but hasn’t been announced yet.
Q: How is RLUSD different from USDT or USDC?
RLUSD differentiates itself through Ripple’s deep ties with financial institutions, focus on compliance, and integration with high-speed settlement networks like RippleNet.
Q: Is RLUSD backed by real assets?
Yes. Like other reputable stablecoins, RLUSD is backed 1:1 by cash and cash-equivalent reserves held in regulated financial institutions.
Q: Who can participate in the RLUSD beta?
Participation is currently limited to Ripple’s partner institutions and select fintech collaborators. General public access will begin after official launch.
Q: Can I track RLUSD transactions?
Yes. All RLUSD transactions on XRP Ledger can be viewed using blockchain explorers like XRP Scan. Ethereum-based activity can be tracked via Etherscan.
Final Thoughts
All signs point to a public launch of RLUSD before the end of 2024. With over 47 million tokens already circulating in test mode, strategic exchange partnerships secured, and strong leadership momentum, Ripple is laying the groundwork for a major impact in the stablecoin space.
By combining regulatory foresight, multi-chain deployment, and institutional trust, RLUSD has the potential to become more than just another digital dollar—it could redefine how stablecoins are used in global finance.
Whether you're an investor, developer, or financial professional, keeping an eye on RLUSD’s progress offers valuable insight into the evolving future of money.