Breaking: Ripple CEO Announces RLUSD Stablecoin for XRP Ecosystem
Highlights
- Ripple CEO Brad Garlinghouse introduces RLUSD, a new stablecoin, at XRPL Apex in Amsterdam.
- RLUSD aims to stabilize XRP Ledger transactions by maintaining parity with the US dollar.
- After acquiring Standard Custody, Ripple appoints Jack McDonald as Senior Vice President of Stablecoins.
Ripple’s Chief Executive Officer, Brad Garlinghouse, recently unveiled the company’s forthcoming stablecoin, dubbed RLUSD, during the XRP Ledger Community Summit (XRPL Apex) in Amsterdam. Garlinghouse referred to the new currency as “Real USD” or “Ripple USD,” signaling a significant expansion of the XRP ecosystem. Although the launch date remains unspecified, the enthusiasm surrounding RLUSD suggests a promising addition to Ripple’s offerings, which are aligned with broad ecosystem integrations.
Ripple Unveils RLUSD to Stabilize XRP Transactions
The introduction of RLUSD aims to stabilize transactions within the XRP Ledger (XRPL) by maintaining a fixed link to the US dollar. Positioned as a versatile tool, the RLUSD will be accessible on the XRP Ledger and Ethereum, offering broader utility across different blockchain environments. This strategic move is expected to bolster Ripple’s market position by attracting a diverse user base, ranging from blockchain enthusiasts to financial sector professionals seeking reliable digital transactions.
Garlinghouse’s announcement also coincided with Ripple’s staffing change, naming Jack McDonald, the CEO of the newly acquired Standard Custody, the Senior Vice President of Stablecoins. This appointment reaffirms Ripple’s focus on establishing its dominance in the stablecoin sector and expanding its services through effective governance.
XRPL EVM Sidechain to Enhance Ripple’s Reach
In its bid to advance innovation, RippleX, the development wing of Ripple, recently announced the XRPL EVM Sidechain. This is expected to bring EVM compatibility to the XRP Ledger, enabling new use cases in DeFi and asset tokenization. Thus, incorporating EVM, XRPL may lure Ethereum developers and enhance the ledger’s functionality, innovation, and advancement within the Ripple network.
The proposed sidechain will be connected to the main XRPL through a bridge, and eXRP will be used as the native asset and gas token. This bridge, backed by Axelar, is expected to improve asset transfer speed and compatibility between the XRPL and other blockchains. Axelar’s bridge is known for its stability and has supported major integrations such as Uniswap and even Microsoft.
Peersyst Technology will work with Ripple’s engineering team to enhance the effectiveness of the sidechain’s functionality. Peersyst CEO Ferran Prat noted that he is optimistic about the project, attributing this to the fact that Axelar has been well-received in the industry.
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