According to U.Today, San Francisco-based company Ripple is progressing towards the launch of its stablecoin, Ripple USD (RLUSD). The company has introduced a dedicated webpage for the project, which is aimed at facilitating instant cross-border money transfers and payment services. Ripple initially revealed its dollar-pegged stablecoin in April, emphasizing regulatory compliance as a key feature of the project.
The name of the stablecoin was disclosed at the XRP Ledger Community Summit in Amsterdam in June. Ripple President Monica Long has predicted that the stablecoin will likely debut in 2024. Initially, RLUSD will be issued on the XRP Ledger and Ethereum, with potential support for other blockchain networks in the future. According to Vet, the operator of the XRP Ledger dUNL, Solana is a strong candidate for future issuance of the stablecoin. He also noted that Cardano has faced challenges with stablecoins, and Circle has not issued any on that network so far.
Ripple's stablecoin will enter a competitive market, facing established players like Tether's USDT and Circle's USDC. Recently, Ripple CEO Brad Garlinghouse commented on leading stablecoins but later clarified that he did not intend to criticize Tether after receiving some pushback from Ardoino.