In what is coming as a shock to community members, blockchain payments firm Ripple Labs Inc. has launched the webpage for its stablecoin RLUSD. While this might seem a long-due move from the company, it underscores the behind-the-scenes effort it is making toward launching the new token.
As a payment firm, launching a stablecoin pegged to the US dollar seems like the right move for Ripple. With an extensive cross-border settlement network, the stablecoin will enhance its business operation. It is likely to leverage Ripple’s existing successful network including the XRP Ledger, its popular Layer 1 protocol.
With the Ripple stablecoin, the blockchain payments firm can compete directly with two of the biggest names in the stablecoin industry; Tether and Circle. Specifically, RLUSD would have to push for a share of the market that Tether (USDT) and USD Coin (USDC) already occupies. Despite changing cryptocurrency regulatory landscape, the company is optimistic its stablecoin will find its space in the market.
After consistently hinting at the possibility of having a Ripple stablecoin, Brad Garlinghouse, the platform’s CEO unveiled the “RLUSD” during the XRP Ledger Community Summit (XRPL Apex) in Amsterdam. At the time, the date for the launch of the United States dollar-backed stablecoin stayed undisclosed but this did not drain the community of their excitement.
Despite the recent launch of the RLUSD webpage, the timeline for the stablecoin launch remains unknown.
Noteworthy, Ripple is making effort with RLUSD while also seeking headway in the XRP lawsuit with the US Securities and Exchange Commission (SEC). For the last few days, several rumors have made the rounds about the possibility of a settlement between the firm and the regulator. Also, market observers are discussing the possible timeline for this decision.
On the other hand, a few legal experts like pro-XRP lawyer Bill Morgan and former SEC attorney Marc Fagel do not see the likelihood of a settlement. Whatever the decision of the judge, it will set precedence for the broader crypto industry.
Similarly, ex-Ripple exec. Sean McBride predicted that the odds of Judge Torres ruling on the Ripple SEC lawsuit in August is 50/50. He also hinted at with a possible delay to September if the lawsuit is not resolved earlier.
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