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Ripple has revealed more details about the upcoming launch of its new stablecoin. The company said in a recent post that its stablecoin is dubbed Ripple USD (RLUSD) and will launch on the XRP Ledger and the Ethereum blockchain later this year.
Introducing Ripple USD (RLUSD): A 1:1 USD-backed stablecoin, offering transparency and stability on the XRP Ledger and Ethereum. Coming later this year.
Sign up to receive the latest stablecoin news, content and availability: https://t.co/ifguG77bO6
— Ripple (@Ripple) June 12, 2024
Ripple CEO Brad Garlinghouse also described RLUSD as “Real USD.”
“The name of the Ripple stablecoin [is] RLUSD; I like to call it Real USD or Ripple USD,” said Garlinghouse at the XRP Ledger Apex 2024 this week.
Pegged to the US dollar at a 1:1 ratio, RLUSD will be 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 enhance support for DeFi applications, including AMM exchanges, by providing a reliable asset solution.
The announcement follows Ripple’s recent acquisition of Standard Custody and the appointment of its CEO, Jack McDonald, as Senior Vice President overseeing the stablecoin division yesterday.
Additionally, Ripple has chosen Axelar’s interoperability platform for its XRPL EVM sidechain, favoring its user-friendly approach over the previously considered XLS-38 bridge. The company said Axelar’s integration with prominent projects and its security features were key factors in this decision.
3/ We’re migrating to @axelarnetwork for its robust 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 has faced regulatory roadblocks. In a legal document filed in May, the US Securities and Exchange Commission (SEC) claims that Ripple’s proposed stablecoin is an unregistered crypto asset. According to the SEC, the stablecoin is evidence that Ripple might keep doing things that violate securities laws.
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