ChainCatcher news, according to Bitcoin.com, at the XRP Ledger Community Summit, Ripple CEO Brad Garlinghouse announced the name of Ripple's new stablecoin--$RLUSD.

Earlier, according to CoinDesk, Ripple will issue a stablecoin backed by the US dollar. The company said that the token is planned to be issued "later this year" and will be "100% backed by US dollar deposits, short-term US government bonds and other cash equivalents." The stablecoin will first be deployed on Ripple's institution-centric XRP Ledger and Ethereum blockchains, and will be based on Ethereum's ERC-20 token standard.