Ripple will launch RLUSD stablecoin on Ethereum and XRPL this year
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Ripple recently shared more details about its new stablecoin launch. In a recent announcement, the company announced that Ripple USD (RLUSD), a stablecoin on the XRP Ledger and Ethereum blockchain, is set to launch later this year.
Introducing Ripple USD (RLUSD): A stable coin backed by 1:1 USD, providing transparency and stability on XRP Ledger and Ethereum. Coming later this year.
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— Ripple (@Ripple) June 12, 2024
Ripple CEO Brad Garlinghouse also described RLUSD as the “real dollar.”
Ripple stablecoin name [is] RLUSD; I like to call it the real dollar or Ripple USD,” Garlinghouse said at XRP Ledger Apex 2024 this week.
Pegged at a 1:1 ratio to the US dollar, RLUSD is 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 increase support for DeFi applications, including AMM exchanges, by providing a secure asset solution.
The announcement follows Ripple's recent acquisition of Standard's custody and the company's CEO Jack MacDonald's appointment yesterday as senior vice president overseeing the stablecoin division.
In addition, Ripple opted for the Acceler interoperability platform for the XRPL EVM sidechain in favor of its user-friendly approach rather than the previously considered XLS-38 bridge. The company says that Acceler's integration with popular projects and its security features were key factors in this decision.
3/ We are migrating to @axelarnetwork for stronger security and efficiency in cross-chain transactions.
“Axelar is a battle-tested, production-ready bridge to bring XRP as a native currency to the XRPL EVM Sidechain.” – @FerranPrat12, @Peersyst CEO.
— RippleX 📍#XRPLApex (@RippleXDev) June 12, 2024
Despite recent progress, RLUSD faces regulatory hurdles. In a legal document filed in May, the US Securities and Exchange Commission (SEC) said Ripple's proposed stablecoin is an unregistered crypto asset. According to the SEC, the stable coin is evidence that Ripple continues to do things that violate security laws.
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