Ripple has officially announced its upcoming stablecoin, Ripple USD (RLUSD), marking a significant milestone in its expansion strategy. This announcement follows months of speculation and excitement within the crypto community. RLUSD will maintain a 1:1 peg to the U.S. dollar, ensuring stability and transparency as a reliable store of value.
It will be available on both the XRP Ledger (XRPL) and Ethereum blockchain, enhancing accessibility across the crypto ecosystem.
Here’s what you need to know.
The launch of RLUSD comes on the heels of Ripple’s recent acquisition of Standard Custody & Trust Company, a regulated custodian of digital assets. This acquisition is crucial in bolstering Ripple’s infrastructure and ensuring secure storage of USD reserves backing RLUSD.
Jack McDonald, former CEO of Standard Custody, has been appointed as Senior Vice President of Stablecoins at Ripple, highlighting Ripple’s commitment to a secure and robust stablecoin launch. Beyond stablecoins, Ripple continues to make strides in blockchain technology adoption through partnerships like Tap to Play on iOS, developed in collaboration with Apple.
CEO Brad Garlinghouse has playfully dubbed RLUSD as “Real USD,” emphasizing Ripple’s vision to establish a genuine and stable digital currency. Despite facing legal challenges from the U.S. Securities and Exchange Commission (SEC), Ripple remains resilient and poised to make a significant impact on the stablecoin market.
RLUSD is scheduled to launch on the XRP Ledger and Ethereum by the end of 2024. Ripple aims to offer faster and more cost-effective transactions compared to traditional fiat currencies, aiming to revolutionize the stablecoin market and drive broader growth within the Ripple ecosystem.
Also, read: Ripple’s XRPL EVM Sidechain REVEALED! Here’s What You Need to Know
Will RLUSD shake up the stablecoin market? Share your thoughts with us.
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