Ripple racked up a gain on Tuesday in tandem with news the cryptocurrency firm’s US dollar-backed stablecoin would officially go live.
Following approval earlier in the month from the New York Department of Financial Services, Ripple on Monday said Tuesday would see the stablecoin launch globally.
RLUSD was set to feature on exchanges such as MoonPay, Uphold, CoinMENA, Bitso and ArchaxEX as a result.
The approval meant each RLUSD token would be fully backed by US dollar deposits, government bonds and cash equivalents in order to ensure stability.
“Early on, Ripple made a deliberate choice to launch our stablecoin under the NYDFS limited purpose trust company charter, widely regarded as the premier regulatory standard worldwide,” Ripple chief executive Brad Garlinghouse said.
“As the US moves toward clearer regulations, we expect to see greater adoption of stablecoins like RLUSD, which offer real utility and are backed by years of trust and expertise in the industry.”
Ripple ticked up 4.4% to $2.59 on Tuesday in the wake of the news, having surged over 150% during the course of the last month.