Ripple to launch RLUSD stablecoin on Ethereum and XRPL this year

June 18, 2024 CryptoExpert Business
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Ripple to launch RLUSD stablecoin on Ethereum and XRPL this year
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Ripple has recently shared additional details about the imminent launch of its new stablecoin. In a recent announcement, the company revealed that the stablecoin, named Ripple USD (RLUSD), is set to launch on the XRP Ledger and the Ethereum blockchain later this year.

Ripple CEO Brad Garlinghouse also described RLUSD as “Real USD.”

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“The name of the Ripple stablecoin [is] RLUSD; I like to call it Real USD or Ripple USD,” said Garlinghouse at the XRP Ledger Apex 2024 this week.

Pegged to the US dollar at a 1:1 ratio, RLUSD will be fully backed by a combination of USD, short-term US Government bonds, and cash equivalent assets, as previously reported by Crypto Briefing.

With the new product, Ripple aims to diversify its stablecoin offerings. In addition, the company expects to enhance support for DeFi applications, including AMM exchanges, by providing a reliable asset solution.

The announcement follows Ripple’s recent acquisition of Standard Custody and the appointment of its CEO, Jack McDonald, as Senior Vice President overseeing the stablecoin division yesterday.

Additionally, Ripple has chosen Axelar’s interoperability platform for its XRPL EVM sidechain, favoring its user-friendly approach over the previously considered XLS-38 bridge. The company said Axelar’s integration with prominent projects and its security features were key factors in this decision.

Despite recent progress, RLUSD has faced regulatory roadblocks. In a legal document filed in May, the US Securities and Exchange Commission (SEC) claims that Ripple’s proposed stablecoin is an unregistered crypto asset. According to the SEC, the stablecoin is evidence that Ripple might keep doing things that violate securities laws.

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