Ripple’s RLUSD Stablecoin Launching Tuesday Following Massive XRP Surge

Ripple will launch its U.S. dollar-pegged stablecoin called Ripple USD (RLUSD) on Tuesday, the company announced Monday.

Backed by U.S. dollars, U.S. government bonds, and cash equivalents, Ripple said that the token will initially trade on platforms including MoonPay, Uphold, Bitso, Archax, and CoinMENA. RLUSD will be available across Ethereum and XRP Ledger.

The anticipated launch follows a recent surge in the value of XRP, the token created by Ripple’s co-founders that is used in the firm’s payments services. XRP jumped to a seven-year high price of $2.82 earlier this month, and remains up by 122% over the last 30 days at a current price of $2.45, per data from CoinGecko.

Editor’s note: This story is breaking and will be updated with additional details.