The XRP Ledger (XRPL) recently introduced two important upgrades, stirring excitement about their potential impact on Ripple’s stablecoin, RLUSD, and the broader ecosystem. These updates, called “fixEmptyDID” and “fixPreviousTxnID,” were approved by 31 validators, exceeding the necessary threshold for implementation last Friday.
The “fixEmptyDID” upgrade prevents the creation of empty DID ledger entries, improving the ledger’s efficiency by reducing unnecessary data storage. Meanwhile, the “fixPreviousTxnID” update enhances transaction tracking by adding new fields to ledger entries, making it easier to follow transaction histories.
There’s a need for us to dig deeper and understand these new upgrades – what do they mean? Let’s dive in.
With these major upgrades in place, many are wondering if they will affect Ripple’s RLUSD. Ripple President Monica Long clarified that while both updates are significant, they serve different purposes. RLUSD is aimed at institutional use, while XRP focuses on liquidity and transactions. Long suggested that as the XRP Ledger evolves, Ripple may explore new ways to expand its capabilities.
These updates are expected to boost XRPL’s performance, making it possible to create more complex applications while streamlining overall operations. As Ripple continues beta testing its stablecoin on both XRPL and Ethereum, attention is turning to how these upgrades might improve RLUSD’s functionality.
Monica Long also revealed that RLUSD is expected to launch later this year, pending U.S. regulatory approval. She highlighted the stablecoin’s potential to serve a wider range of use cases than XRP, with decentralized exchanges (DEXs) on XRPL set to benefit from these developments.
In a recent interview with CoinDesk Japan, Monica Long described Ripple’s legal victory as a game-changer for the cryptocurrency industry. She explained that it provides clarity on U.S. legal rules and sets a new precedent.
Long also noted that even before the SEC lawsuit, 40% of Ripple’s growth came from Asia, with most of its customers in the Asia-Pacific region. Now, following the ruling, Ripple is speeding up its global expansion and is ready to make its products more accessible in the U.S.
In summary, these upgrades have the potential to greatly enhance both RLUSD and XRP, making them more flexible and useful in various applications. With the launch of RLUSD approaching, the XRPL community is optimistic about the changes ahead.
The future of XRP and RLUSD is looking brighter than ever. What will Ripple’s next move be?
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