cryptonews.net
By filing a trademark for the name “RLUSD”, Ripple has taken a big step towards launching its dollar stablecoin. The trademark application, filed on May 7, hints at a likely stablecoin exchange symbol that was picked up by cryptocurrency influencer Good Morning Crypto. Although Ripple has not officially announced anything yet, it is believed that this means a stablecoin launch in 2024.
The RLUSD trademark application, which describes its applicability to electronic financial services for monetary transactions, including virtual currency payments, confirms the rumors. The choice of name has drawn mixed reactions, and Ripple has not yet been granted the “RLUSD” trademark. Some have questioned the decision, arguing that better and perhaps more tempting options for ordinary buyers such as USDX or USDR would have been available.
The name “USDX” was expected due to Ripple’s intention to launch a stablecoin on the XRP-Ledger. However, Flare Networks has already launched USDX as its own stablecoin, backed by Hex Trust, a leading institutional custodian of digital assets. This means that the USDX name for Ripple’s stablecoin is no longer appropriate. For its stablecoin initiative, Ripple had to settle on RLUSD since Real USD already uses “USDR”.
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