Ripple is progressing towards launching its own stablecoin, Ripple USD (RLUSD), designed for instant cross-border money transfers and payment services.
The San Francisco-based company introduced a dedicated website page for the highly anticipated project, which was first revealed in April with a focus on regulatory compliance. The stablecoin's name was officially disclosed at the XRP Ledger Community Summit in Amsterdam in June. Ripple President Monica Long has indicated that the stablecoin could launch in 2024.
Initially, RLUSD will be issued on the XRP Ledger and Ethereum, with potential expansion to other blockchain networks in the future. According to Vet, the operator of the XRP Ledger dUNL, Solana could be a strong candidate for future support, as well as potentially addressing the gap in stablecoin options on Cardano. Ripple's stablecoin will enter a competitive market dominated by well-established players like Tether's USDT and Circle's USDC. Tether's USDT, with a market cap of $114 billion, is currently the third-largest cryptocurrency according to CoinGecko data.
Brad Garlinghouse, Ripple's CEO, recently made remarks that were perceived as critical of leading stablecoin Tether (USDT). After receiving some pushback from Paolo Ardoino, Tether's CTO, Garlinghouse clarified his position, stating that he did not intend to attack Tether.
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