XRPL To Get Crucial Upgrade For RLUSD & Meme Coins

The XRP Ledger (XRPL) is in focus in this XRP news, with a major upgrade on the way for the network. This upgrade will provide a significant boost for RLUSD and meme coin adoption on the network, broadening XRPL’s utility in the process.

XRPL To Get Upgrade For RLUSD & Meme Coins

In an X post, XRPL dUNL validator Vet announced that token escrows are coming to the network. He noted that only XRP currently has the escrow feature on the network, but that is about to change.

With this amendment, network users will be able to escrow assets, including Ripple’s stablecoin, RLUSD, meme coins, and real-world assets (RWAs). Vet added that there will be IOU and MPT support. The XRP validator remarked that the MPT support, specifically, is a great addition.

This proposed XRPL upgrade comes just as Ripple’s Chief Technology Officer (CTO), David Schwartz, remarked that the network is more than just XRP. He added that there are stablecoins, tokenized real-world assets (RWAs), and other features that highlight the network’s capabilities.

Changes Included In The Network Upgrade

Vet also highlighted the changes that will be included in the XRPL upgrade. The upgrade allows accounts to lock issued tokens in escrow objects, with support for freeze, authorization, and transfer rates.

Furthermore, the upgrade will add new ledger fields to track locked balances for IOU and MPT escrows. This updates EscrowCreate, EscrowFinish, and EscrowCancel transaction logic to support IOU and MPT assets, including proper handling of trustline and MPT authorization, transfer rates, and locked balances.

The XRPL upgrade will also enforce invariant checks for escrowed IOU/MPT accounts. Lastly, it will extend the GatewayBalances RPC to report locked balances.

The XRP price is up in the last 24 hours amid the announcement of this proposed upgrade. The altcoin is currently trading at around $2.22, with $2.38 billion XRP traded during this period.