SAN FRANCISCO, Dec. 16, 2024 (GLOBE NEWSWIRE) — Uphold, the Web3 financial platform, will make RLUSD, Ripple’s new US-dollar-backed stablecoin, fully available on its platform on December 18. Uphold will also integrate RLUSD into its innovative Rewards Center program starting in January, 2025 so that users can earn rewards for buying and holding RLUSD. Current Uphold Rewards Center users that have unlocked all three levels are being given 24 hour early access to RLUSD.
Issued under the New York Trust Company Charter, and approved under the New York Department of Financial Services, RLUSD has been designed for trust and transparency. Each token is backed 1:1 by USD reserves and cash equivalents, with third-party audits conducted monthly. Like XRP, RLUSD is designed for cross-border and institutional use, and is underpinned by enterprise-grade security, with the stablecoin’s smart contracts subject to independent audits.
“It’s no secret that we’ve been big supporters of the XRP community, and the innovation Ripple has brought to the industry,” says Simon McLoughlin, CEO of Uphold. “RLUSD is poised to play a significant role in the evolution of digital payments, enterprise finance, and beyond, and we are proud to be among the initial launch partners of Ripple’s first ever stablecoin solution.”
Once RLUSD is incorporated into the Uphold Rewards Center in January, users will be able to unlock a range of benefits, including 5% rewards on the Ripple stablecoin, access to exclusive crypto insights, and early access to new tokens. Users unlock rewards by completing monthly tasks on the Uphold app including visiting the app, depositing assets, and conducting trades.
McLoughlin added: “By adding RLUSD to the Uphold Rewards Center, we’re able to offer the XRP community additional value when they hold RLUSD in their Uphold wallet.”
About Uphold
Ranked #1 in the San Francisco Business Times Fast 100 List, Uphold is committed to making web3 easy. As a web3 financial platform, Uphold serves millions of customers in more than 140 countries. It gives businesses and consumers easy access to digital assets and services. Uniquely, Uphold smart routes orders across 30 trading venues delivering optimal execution and superior liquidity to customers. Uphold never loans out customer assets and is always 100% reserved. The company has pioneered radical transparency and uniquely publishes its assets and liabilities every 30 seconds on a public website (https://uphold.com/en-us/transparency).
Uphold is regulated in the U.S. by FinCen and State regulators; and is registered in the UK and Canada with the FCA and FINTRAC respectively and in Europe with the Financial Crime Investigation Service under the Ministry of the Interior of the Republic of Lithuania. To learn more about Uphold’s products and services, visit uphold.com.
For more information, visit uphold.com.
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