Ethereum
A new Stablecoin on XRPL and Ethereum
Ripple has officially introduced its next stablecoin, which will be called Ripple USD (RLUSD), an important step in its strategic expansion. This announcement follows enthusiastic speculation and teasing from the crypto community. RLUSD is backed 1:1 by US dollars and aims to provide its users with a stable and transparent store of value. This stablecoin will be available on XRP Ledger (XRPL) and the Ethereum blockchain, ensuring improved accessibility and wider reach within the crypto ecosystem.
Strategic moves and market impact
The introduction of RLUSD comes on the heels of Ripple’s recent acquisition of Standard Custody & Trust Company, which is a regulated custodian of digital assets. This acquisition plays a crucial role in strengthening Ripple’s infrastructure and ensures secure storage of USD reserves that support RLUSD.
Additionally, Jack McDonald, the former CEO of Standard Custody, is named Senior Vice President of Stablecoins by Ripples, indicating its commitment to a strong and secure launch. On the other hand, Ripple’s efforts extend beyond the stablecoin sector. We get this evidence from its partnership with Apple for the Tap to Play feature on iOS, clearly highlighting how it is influencing the adoption of blockchain technology across the world.
Perspectives and vision for the future
CEO Brad Garlinghouse humorously called the stablecoin “Real USD”, which also reveals Ripple’s long-term vision of providing an authentic and stable digital currency. Although it faced significant legal challenges with the United States Securities and Exchange Commission (SEC), Ripple ultimately proved strong and determined to make a major impact on the stablecoin market.
RLUSD is expected to launch on XRP Ledger and Ethereum by the end of 2024. Meanwhile, Ripple plans to offer faster and more profitable transactions compared to traditional fiat currencies, completely transforming the stablecoin sphere and heading towards broader growth of the Ripple ecosystem.
Also read: Ripple’s XRPL EVM sidechain REVEALED! Here’s what you need to know