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Ripple Unveils RLUSD: A New Stablecoin on XRPL and Ethereum

source-logo  coinpedia.org 13 June 2024 04:35, UTC

Ripple has officially introduced its upcoming stablecoin, which will be named Ripple USD (RLUSD), a significant milestone in its strategic expansion. This announcement comes following enthusiastic speculation and teases from the crypto community. RLUSD is supported 1:1 by U.S. dollars, and aims to provide its users a stable as well as a transparent store of value. This stablecoin shall be available on XRP Ledger (XRPL) and Ethereum blockchain both, ensuring improved accessibility and broader reach within the crypto ecosystem.

Strategic Moves and Market Impact

The introduction of RLUSD comes right after 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 the infrastructure of Ripple and ensuring a secure storage of USD reserves that supports RLUSD.

Moreover, Jack McDonald, the former CEO of Standard Custody, is appointed as Senior Vice President of Stablecoins by Ripples, indicating commitment to a strong and secure launch. On the other hand, efforts of Ripple goes beyond the sector of stablecoin. We get this evidence from its partnership with Apple for the feature of Tap to Play on iOS, clearly highlighting how it influences the adoption of blockchain technology across the globe.

Future Prospects and Vision

CEO Brad Garlinghouse has humorously called the stablecoin “Real USD”, which also reveals the long-term vision of Ripple to provide an authentic as well as stable digital currency. Although it has faced major legal challenges with the U.S. Securities and Exchange Commission (SEC), Ripple has finally emerged as strong and determined in order to have a major impact on the stablecoin market.

RLUSD is expected to launch on the XRP Ledger and Ethereum by the end of 2024. Meanwhile, Ripple plans to offer faster along with transactions that are most cost-effective in comparison to traditional fiat currencies, thereby transforming altogether the sphere of stablecoin and stepping towards a broader growth of the Ripple ecosystem.