Highlights:
- Ripple CEO Brad Garlinghouse unveils RLUSD at the XRP Ledger Apex summit in Amsterdam.
- RLUSD, Ripple’s 1:1 USD-backed stablecoin, aims to stabilize XRP Ledger transactions.
- Ripple’s strategic move into the stablecoin market targets a projected $3 trillion sector by 2028.
Ripple has officially unveiled Ripple USD (RLUSD), confirming RLUSD as its forthcoming stablecoin trading symbol. This announcement was first made by Ripple’s CEO Brad Garlinghouse during his session at the ongoing XRP Ledger Apex summit in Amsterdam. Also present at the session was Ripple CTO David Schwartz.
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‘The name of the @Ripple stablecoin, the $RLUSD, I like to call it Real USD… Ripple USD’ – Brad Garlinghouse (@bgarlinghouse) at #XRPLApex 2024 ⚡💙 pic.twitter.com/cRVsgnQLXQ
— XRP Ledger Apex (@xrplapex) June 12, 2024
Ripple Announces RLUSD at XRPL Apex
Ripple CEO Brad Garlinghouse revealed the new stablecoin, RLUSD, humorously referring to it as “Real USD.” However, he noted that ” Ripple USD ” inspired the term ” RLUSD.” Following this announcement, Ripple formally introduced the RLUSD term through its official website and social media accounts.
Significantly, this announcement follows the company’s trademark application for the same name with the U.S. legal database registry, Justia, a month ago. While the trademark application was still under review, community members stumbled upon the filing and began speculating that RLUSD might be the chosen ticker for Ripple’s stablecoin. The application detailed that RLUSD would be used for electronic financial services, specifically for managing virtual currency payments and transfers.
Ripple’s Plans for RLUSD
Ripple plans to launch RLUSD on the XRP Ledger and Ethereum before the end of 2024. RLUSD will be a 1:1 USD-backed stablecoin, offering transparency and stability to the market. Ripple’s pivot towards the stablecoin market aims to capture a share of this rapidly growing sector, projected to reach a valuation close to $3 trillion in the next four years.
Garlinghouse’s announcement also coincided with Ripple’s staffing change, naming Jack McDonald, the CEO of the newly acquired Standard Custody, the Senior Vice President of Stablecoins. This appointment reaffirms Ripple’s focus on establishing its dominance in the stablecoin sector and expanding its services through effective governance.
XRPL EVM Sidechain to Enhance Ripple’s Reach
In its bid to advance innovation, RippleX, the development wing of Ripple, recently announced the XRPL EVM Sidechain. This is expected to bring EVM compatibility to the XRP Ledger, enabling new use cases in DeFi and asset tokenization. Thus, incorporating EVM, XRPL may lure Ethereum developers and enhance the ledger’s functionality, innovation, and advancement within the Ripple network.
The proposed sidechain will be connected to the main XRPL through a bridge, and eXRP will be used as the native asset and gas token. This bridge, backed by Axelar, is expected to improve asset transfer speed and compatibility between the XRPL and other blockchains. Axelar’s bridge is known for its stability and has supported significant integrations such as Uniswap and even Microsoft.
Peersyst Technology will work with Ripple’s engineering team to enhance the effectiveness of the sidechain’s functionality. Peersyst CEO Ferran Prat noted that he is optimistic about the project, attributing this to the fact that Axelar has been well-received in the industry.
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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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