According to CrowdFund Insider, the leading cryptocurrency exchange in Latin America, Bitso, has announced the launch of the Ripple-issued stablecoin RLUSD. The stablecoin is pegged 1:1 to the US Dollar and is fully backed by US Dollar-equivalent cash and cash equivalents, primarily targeting cross-border payment use cases.
Bitso CEO Daniel Vogel stated that the company's long-standing partnership with Ripple has enabled multiple innovative use cases, including cross-border payments. RLUSD will be available through the RLUSD/MXN trading pair on the Bitso Alpha platform, and users can deposit and withdraw the Ethereum ERC-20 token.