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Ripple is preparing to launch its stablecoin, $RLUSD, on multiple layer-2 platforms.
The payments firm says it is partnering with the multichain interoperability protocol Wormhole (W) and plans to begin testing Ripple USD on Optimism (OP), Base, Ink and Unichain.
$RLUSD launched in mid-December 2024 and is available on Ripple’s $XRP Ledger and the Ethereum (ETH) blockchain. The stablecoin, which aims to maintain a 1:1 ratio with the US dollar, has a $1.31 billion market cap at time of writing.
Ripple notes it will utilize Wormhole’s Native Token Transfers (NTT) standard, which will allow the firm to maintain native issuance and control of $RLUSD as it expands to new layer-2 ecosystems.
Jack McDonald, Ripple’s senior vice president of stablecoins, says $RLUSD’s expansion aims to bring people into the fold of the digital asset economy.
“By launching $RLUSD — the first US trust regulated stablecoin on these L2 networks — we are not just expanding utility; we are setting the definitive standard where compliance and on-chain efficiency converge.”
$RLUSD holds a trust company charter issued by the New York Department of Financial Services (NYDFS). Ripple has also applied for a charter for the stablecoin from the Office of the Comptroller of the Currency (OCC).
$XRP is trading at $1.89 at time of writing. The 5th-ranked crypto asset by market cap is down nearly 5% in the past 24 hours.
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