Ripple’s new stablecoin is named Real USD (RLUSD).
Ripple Labs has launched a new product named, XRPL EVM Sidechain.
Ripple CEO Brad Garlinghouse announced the company’s much-anticipated new stablecoin, Real USD (RLUSD). Which happened at the XRP Ledger Community Summit 2024 (XRPL Apex) in Amsterdam. Further, the announcement was made during his keynote speech. That emphasizes Ripple’s ongoing journey with stablecoins and its dedication to expanding its ecosystem. Garlinghouse referred to it as “Real USD…Ripple USD.”
‘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
Earlier this year, in April, Ripple announced its plan to launch its stablecoin. Another coin in addition to XRP, pegged 1:1 to the US dollar. The vision behind this stablecoin is to bridge the gap between traditional finance and decentralized finance. It will introduced first in the United States, Ripple has not ruled out releasing more regional versions in markets outside the country, including Europe and Asia.
Ripple In Growth Phase?
Amidst these developments, the Ripple network has been undergoing major updates. Recently, they announced the completion of its acquisition of Standard Custody & Trust Company, a regulated digital asset custodian. This acquisition turned as a pivotal move by the community. Which also aligns with Ripple’s strategy to bolster its enterprise infrastructure solutions. These solutions, powered by blockchain and digital asset technology, enable institutional customers to tokenize, store, move, and exchange value more efficiently.
Besides, in a recent official announcement, Ripple unveiled a new product, the XRPL EVM Sidechain. The sidechain aims to unlock new opportunities for XRPL developers in decentralized finance (DeFi) and real-world asset (RWA) tokenization, driving innovation and expanding the network’s utility and reach.
The announcement began with, “The future of blockchain is multi-chain, and the Ripple team is bringing Ethereum Virtual Machine (EVM) compatibility to XRP Ledger (XRPL).” It is set to launch with Axelar as the bridge to source the native gas token of the sidechain (eXRP) from the XRPL.
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