Ripple has selected the ticker RLUSD for its upcoming stablecoin, filing for registration on May 7.

Ripple's intentions to launch a stablecoin were revealed in April. The developers have stated that it will be fully backed by dollar deposits, short-term bonds, and other cash equivalents.

The stablecoin will initially be deployed on the XRP Ledger and Ethereum blockchains, with a launch planned for the end of the year. $XRP