Ripple CEO Brad Garlinghouse introduced ‘Real USD’, Ripple’s stablecoin.
‘Real USD’, pegged to the USD, intends to ensure stability in the crypto market.
Regular third-party audits for $RLUSD reserves assure transparency in Ripple’s stablecoin operations.
The CEO of Ripple, Brad Garlinghouse, has revealed the name of the company’s upcoming stablecoin, ‘Real USD,’ during the XRP Ledger Community Summit in Amsterdam.
Real USD Ripple CEO drops the new Stablecoin Name “Real USD” The name of the @Ripple stablecoin, the $RLUSD, I like to call it Real USD… Ripple USD’ – Brad Garlinghouse (@bgarlinghouse) at #XRPLApex 2024 #XRP pic.twitter.com/T2CuT1Gdjb
— 𝗕𝗮𝗻𝗸XRP (@BankXRP) June 12, 2024
Commenting on his preference for the name, Garlinghouse said, ‘I like to call it Real USD, Ripple USD.’ This announcement marks an important moment in Ripple’s journey, as stablecoins like USDC and USDT grow increasingly influential in the world of digital assets.
Garlinghouse indicated that the stablecoin, which is designed to maintain a constant $1, will become operational later this year. The coin will have a reserve of US dollars, short-term US bonds, and other cash equivalents to back it up.
The token will be distributed on the Ethereum network as well as the XRP blockchain, which Ripple was instrumental in creating. It is still unknown which trading platforms will be used initially for ‘Real USD’.
At present, around 90% of the $153 billion stablecoin market is occupied by stablecoins. This category of cryptocurrencies is designed to reduce volatility by linking its value to another asset, particularly the US dollar. The majority of this dominance is shared by USDC and Tether’s USDT, with more than a hundred competitors fighting for the remaining market share.
As part of its effort to increase openness, Ripple will publish monthly declarations about the reserves of its stablecoin. Garlinghouse emphasized that a third-party accounting firm will perform these declarations.
Stablecoins in Europe will be subject to more regulations starting in July, owing to the new regulatory landscape. Garlinghouse expressed optimism that a stablecoin bill will be approved before the next presidential election, despite the fact that previous attempts to pass such a legislation in the US have failed.
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The post Ripple CEO Brad Garlinghouse Reveals Stablecoin Name, Prepare to Enter the Real USD ($RLUSD) Era appeared first on Crypto News Land.
