Ripple Reassures the Public of Its Commitment to Utilizing XRP Alongside Its Stablecoin RLUSD within Its Payment Solution

Ripple's President Monica Long made the assertion yesterday while reacting to the unveiling of RLUSD's initial exchange partners.

Ripple President Monica Long has clarified that the company will utilize both XRP and its stablecoin, RLUSD, within its payment solution, dispelling concerns among the XRP community.

During Ripple’s annual conference, Ripple Swell, Long announced the exchange partners for RLUSD, which include Bitstamp, Independent Reserve, Bitso, MoonPay, CoinMENA, Bullish, and Uphold, pending approval from the New York Department of Financial Service (NYDFS).

The announcement sparked reactions among top crypto stakeholders, including Long herself, who confirmed the news.

“I announced RLUSD’s exchange partners on stage at Ripple’s annual conference. XRP and RLUSD will be used in the Ripple payments solution to enable more reliable, faster, and cost-effective cross-border settlements,” she said.

This clarification comes amid concerns within the XRP community about Ripple’s plan to integrate RLUSD into its payment solution.

Some XRP enthusiasts have speculated that RLUSD might replace XRP in Ripple’s payments solution, especially considering the latter’s involvement in a lawsuit between the SEC and Ripple.

However, Long’s statement suggests that Ripple will continue to use XRP in its payment solution alongside RLUSD, enabling its clients to use either token for cross-border payments.

Ripple’s CTO, David Schwartz, has also stated that Ripple USD will not replace XRP.

According to Schwartz, only XRP can be used to pay transaction fees on the XRP Ledger (XRPL), a function that cannot be performed by any other tokens, including RLUSD.

Furthermore, the Ripple CTO highlighted certain features that distinguish XRP from other assets, such as the inability to freeze XRP on XRPL, the absence of counterparty risks, and the lack of jurisdictional limitations.

RLUSD, which is currently in closed beta testing on XRPL and Ethereum, is preparing for its mainnet launch.

While Ripple has not yet disclosed the precise date for RLUSD’s mainnet launch, the company has been advancing preparations to make the token available for public use.

As of October 14, RLUSD’s total supply stands at $47.4 million, with $34.8 million issued on XRPL and $12.6 million minted on Ethereum.

On Thursday, Ripple announced an advisory board for the stablecoin, which includes Ripple co-founder Chris Larsen, former FDIC Chair Sheila Bair, and former JPMorgan executive David Ruth.

Currently, the primary factor delaying the stablecoin’s mainnet launch is regulatory approval from NYDFS.

The financial regulator is still examining the token to determine whether it meets specific regulatory requirements.

If approved, Bitstamp, Uphold, Independent Reserve, CoinMENA, MoonPay, and Bullish users will be able to trade RLUSD.