CandleFocus

Ripple Names Sheila Bair to Guide Launch of New Stablecoin

Author: Content Editor
Ripple has appointed Sheila Bair, former Chair of the Federal Deposit Insurance Corporation, to its consulting panel to improve the compliance efforts of its upcoming digital asset, RLUSD. Bair's experience and emphasis on responsible innovation and compliance-first approach are expected to navigate the complex oversight environments. Ripple's focus on compliance may attract businesses seeking a secure digital currency option. RLUSD aims to disrupt the stablecoin market currently dominated by Tether and USD Coin by providing a compliant and transparent alternative. It will be backed by US dollar deposits, government bonds, and cash equivalents. Monthly audits will be conducted to ensure transparency, and RLUSD will operate on both the XRP Ledger and Ethereum blockchains for cross-border payments. Ripple's advisory board, which includes prominent figures from the industry, aims to strengthen its strategy in the stablecoin sector. The use cases for RLUSD include international transactions, on/off ramps for exchanges, and tokenization of real-world assets. Regulatory compliance is crucial for Ripple's success in the changing digital finance landscape.

Related News