Brad Garlinghouse, CEO of Ripple, the blockchain development company behind Ripple (XRP), announced at XRP Ledger Apex 2024, the XRP Ledger (XRPL) global community summit held in Amsterdam from June 11 to 13, that the company’s The name of the new stablecoin is $RLUSD.

Garlinghouse said:

"The name of Ripple's stablecoin, RLUSD, I like to call it the real dollar...Ripple USD."

‘The name of the @Ripple stablecoin, the $RLUSD, I like to call it Real USD… Ripple USD’ – Brad Garlinghouse (@bgarlinghouse) at#XRPLApex2024 pic.twitter.com/cRVsgnQLXQ

— XRP Ledger Apex (@xrplapex) June 12, 2024

Ripple announced in April this year plans to launch a stablecoin pegged 1:1 to the value of the U.S. dollar, which would be 100% backed by U.S. dollar deposits, short-term U.S. government bonds and other cash equivalents. The company said Ripple’s stablecoin will be available on the XRP Ledger and Ethereum blockchains upon launch, with plans to expand to other blockchains and decentralized finance (DeFi) protocols over time. and apps.

XRPL EVM sidechain will be launched

Ripple also announced today its upcoming new product, XRPL EVM Sidechain. The company said that the XRPL EVM sidechain "brings Ethereum Virtual Machine (EVM) compatibility to XRPL" and will bring new opportunities for XRPL developers in DeFi and real-world asset (RWA) tokenization, Drive innovation and expand the utility and reach of the web.

According to the announcement, the XRPL EVM sidechain will prioritize Axelar as the exclusive cross-chain bridge to obtain the sidechain’s native gas token eXRP from XRPL. Axelar can also be used to connect other fungible tokens with the XRPL mainnet and Axelar More than 55 blockchains are connected in the network.

Ripple wrote in the announcement:

"Connecting the XRPL EVM Sidechain to the XRPL mainnet involves the use of a cross-chain bridge; wrapping XRP (wrapped XRP, eXRP) as a native asset and gas token. The cross-chain bridge facilitates the transfer of assets between XRPL and the EVM sidechain Seamless transfer, ensuring interoperability and efficient transaction processing.”

1/ Introducing the XRPL EVM Sidechain: We're excited to bring Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger, enhancing interoperability and unlocking new opportunities in DeFi and RWA. https://t.co/lenc4Bl9TZ

— RippleX#XRPLApex(@RippleXDev) June 12, 2024

This article Ripple announced that its stablecoin is called "RLUSD" and will launch the XRPL EVM side chain compatible with EVM. First appeared on Zombit.