TLDR
- Ripple USD (RLUSD) expands to Zero Hash and Revolut platforms
- RLUSD is now available on 14 exchanges total
- The stablecoin maintains 1:1 value with USD, backed by cash reserves
- Zero Hash integration enables various financial transactions through their API
- Monthly reserve attestations conducted by independent accountants
Ripple has broadened the reach of its stablecoin, Ripple USD (RLUSD), by adding Zero Hash and Revolut to its growing list of supported platforms. The company made this announcement on February 5, 2024, marking another step in the expansion of their digital currency services.
RLUSD operates as a regulated stablecoin that maintains a one-to-one value relationship with the U.S. dollar. The digital currency is issued natively on both the XRP Ledger and Ethereum blockchain, providing flexibility for users across different blockchain networks.
The addition of Zero Hash and Revolut brings the total number of exchanges supporting RLUSD to fourteen. The complete list now includes Uphold, Moonpay, B2C2, Keyrock, Coinmena, Archax, Bitso, JST Digital, Independent Reserve, Bullish, MB, Zero Hash, Revolut, and Bitstamp.
Each unit of RLUSD is fully backed by a segregated reserve consisting of cash and cash equivalents. This backing structure ensures that users can redeem their holdings at a fixed rate, providing stability and trust in the digital asset.
To maintain transparency and regulatory compliance, RLUSD undergoes monthly reserve attestations. These reviews are conducted by an independent certified public accountant, offering regular verification of the stablecoin’s backing assets.
The stablecoin’s issuance is handled by a trust company regulated by New York State, adding another layer of oversight to the operation. This regulatory framework helps establish RLUSD as a compliant option in the digital currency market.
Zero Hash, one of the new platform partners, made their own announcement about the RLUSD integration on February 5. As an infrastructure platform specializing in cryptocurrency and stablecoins, Zero Hash will enable its customers to use RLUSD for various financial transactions.
Edward Woodford, founder and CEO of Zero Hash, expressed enthusiasm about the integration:
“The addition of RLUSD to our ecosystem demonstrates Zero Hash’s commitment to providing our customers with access to the most innovative and regulated stablecoin technologies.”
The Zero Hash platform now supports over 65 digital assets, including five stablecoins, across multiple blockchain networks. Their API and SDK infrastructure allows for diverse applications of RLUSD, ranging from basic payments to more complex financial services.
Through the Zero Hash integration, RLUSD can be utilized for various purposes including remittances, account funding, tokenization, and AI agent payments. The platform also supports integration with other financial service providers such as Stripe for payouts and Shift4 for on-ramping.
Franklin Templeton has also partnered with Zero Hash to implement tokenized payment solutions using RLUSD, expanding the stablecoin’s utility in traditional financial services.
The expansion to Revolut’s platform opens up RLUSD to a broader user base, as the financial technology company serves millions of customers globally.
RLUSD’s presence on fourteen exchanges represents a growing network of platforms where users can access and trade the stablecoin. This expansion increases liquidity and accessibility for users interested in utilizing RLUSD for trading or payments.
The stablecoin’s dual blockchain presence on both XRP Ledger and Ethereum provides technical flexibility for users and developers building applications with RLUSD.
As of February 2024, RLUSD continues to expand its presence across trading platforms and payment infrastructure providers.
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