- The RLUSD stablecoin for Ethereum and XRP Ledger has been unveiled by Ripple.
- The objective of RLUSD is to make strides transparency and steadiness inside the Swell ecosystem.
- Despite legal obstacles, Ripple enters the competitive stablecoin industry.
Ripple, the blockchain payments firm behind XRP, has announced its forthcoming debut. The new stablecoin will be called RLUSD (real USD). The declaration was made amid the XRP Record Apex Summit. At the ceremony, Ripple CEO Brad Garlinghouse unveiled the ticker symbols. He also commented on the stablecoin’s name, playfully calling it “Ripple USD” and “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 ⚡💙 pic.twitter.com/cRVsgnQLXQ
XRP Ledger Apex (@xrplapex) June 12, 2024
Ripple has not revealed the RLUSD launch date. Nevertheless, the move is in line with the company’s larger growth objectives.
After Garlinghouse’s remarks, Ripple published an X post to formally announce the launch of the platform’s 1:1 USD-backed stablecoin. According to the X article, RLUSD will “provide transparency and stability on the XRP Ledger and Ethereum.” According to Ripple, the stablecoin will arrive later this year.
Introducing Ripple USD (RLUSD): A 1:1 USD-backed stablecoin, offering transparency and stability on the XRP ledger and Ethereum. Coming later this year.
Sign up to receive the latest stablecoin news, content, and availability: https://t.co/ifguG77bO6Ripple (@Ripple) June 12, 2024
Ripple claims that the goal of launching RLUSD is to stabilize transactions on the XRP Ledger (XRPL). According to the report, the stablecoin will work more widely on multiple blockchains and will be available on both XRPL and Ethereum.
In an effort to enter the $150 billion region, Ripple indicated its intention to introduce stablecoins on April 4. According to reports, an equal amount of assets, such as US dollars, US government bonds, cash equivalents, etc., will back Ripple’s stablecoins.
Reece Merrick, Ripple’s managing director for the Middle East and Africa, announced the launch of the stablecoin earlier this week, despite the ongoing legal issues. It is anticipated that the stablecoin will bridge the gap between traditional banking and the contemporary digital currency environment.
XRP has increased by 1.26% in the last 24 hours and is now trading at $0.4864. However, the token has fallen by 7.55% and 3.81% in a single week and month, respectively.
