Ripple CEO Brad Garlinghouse announced at the Korea Blockchain Week conference that its USD-pegged stablecoin Ripple USD (RLUSD) will be released in a few weeks. The stablecoin will be fully backed by USD assets and operate on the XRP Ledger and Ethereum blockchains, aiming to provide a trusted solution for established financial institutions, especially after USD Coin lost its USD peg, highlighting its market opportunities.

Key Points

- Ripple USD (RLUSD) is expected to be released in a few weeks, not months.

- RLUSD will be fully backed by US dollar assets, aiming to enhance its credibility.

- The stablecoin will operate on the XRP Ledger and Ethereum blockchains, combining the advantages of both platforms.

- Ripple's stablecoin plan is inspired by the volatility of USD Coin in the market and aims to fill the gap in the market.

- The company began testing RLUSD with corporate partners in August to ensure its stability and functionality.

- Ripple plans to further enhance the XRP Ledger network with Ethereum-compatible smart contracts.

- The goal of the project is to provide financial institutions with efficient and convenient stablecoin solutions.