Ripple unveils RLUSD stablecoin for XRP Ledger and Ethereum.
RLUSD aims to enhance stability and transparency in Ripple’s ecosystem.
Ripple enters competitive stablecoin market despite legal hurdles.
Ripple, the blockchain payments company behind XRP, has announced the upcoming launch of its own stablecoin, dubbed RLUSD (Real USD). The announcement came during the XRP Ledger Apex summit, where Ripple CEO Brad Garlinghouse revealed the ticker symbol and quipped about the stablecoin’s name; “I like to call it 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
While Ripple has not specified a launch date for RLUSD, the move aligns with the company’s broader expansion plans.
Following Garlinghouse’s statement, Ripple officially announced the launch of the platform’s 1:1 USD-backed stablecoin via an X post. As per the X post, RLUSD will offer “transparency and stability on the XRP Ledger and Ethereum.” Ripple added that the stablecoin would be launched later this year.
Introducing Ripple USD (RLUSD): A 1:1 USD-backed stablecoin, offering transparency and stability on the XRP Ledger and Ethereum. Coming later this year. Sign up to receive the latest stablecoin news, content and availability: https://t.co/ifguG77bO6
— Ripple (@Ripple) June 12, 2024
Reportedly, with the launch of RLUSD, Ripple aims to stabilize transactions within the XRP Ledger (XRPL). Reports indicate that the stablecoin would be accessible on both the XRPL and Ethereum, while it offers a broader utility across different blockchains.
On April 4, Ripple hinted at its plan to launch the stablecoin, marking an entry into the $150 billion market. Reports stated that Ripple’s stablecoin would be backed by an equivalent sum of assets like US dollars, US government bonds, cash equivalents, etc.
Earlier this week, Ripple’s Middle East and Africa Managing Director, Reece Merrick, confirmed Ripple’s stablecoin launch despite the ongoing legal struggles. The stablecoin is expected to bridge the gap between traditional finance and the modern digital currency ecosystem.
Amidst the major development, XRP has shown a slight 24-hour surge of 1.26%, currently trading at $0.4864. However, the token has experienced notable declines of 7.55% and 3.81% in one week and one month, respectively.
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