- Ripple CEO Brad Garlinghouse unveils RLUSD, a new stablecoin aimed at stabilizing XRP transactions and enhancing liquidity.
- RLUSD to be integrated across XRP Ledger and Ethereum, broadening its utility in various blockchain environments.
Ripple’s CEO, Brad Garlinghouse, recently announced the introduction of a new stablecoin, RLUSD, at the XRP Ledger Community Summit in Amsterdam. Referred to as “Real USD” or “Ripple USD” this new addition is designed to provide stability to transactions within the XRP ecosystem.
The launch date for RLUSD is yet to be confirmed, but the initial response has been positive, suggesting that it could be a beneficial expansion for Ripple.
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
Stabilizing Crypto Transactions with RLUSD
The primary function of RLUSD is to anchor the value of transactions on the XRP Ledger to the US dollar, ensuring price stability. This stablecoin will be integrated not only on the XRP Ledger but also on Ethereum, which allows it to serve a wide range of applications across different blockchain platforms.
This move is aimed at strengthening Ripple’s position in the cryptocurrency market by attracting a varied audience, including blockchain aficionados and professionals in the financial sector who prioritize the stability of digital transactions.
Strategic Developments and Leadership Changes at Ripple
In conjunction with the stablecoin announcement, Ripple also revealed staffing changes. Jack McDonald, formerly CEO of the recently acquired Standard Custody, has been appointed Senior Vice President of Stablecoins. This strategic appointment underscores Ripple’s commitment to expanding its influence in the stablecoin market and enhancing its service offerings through skilled leadership.
Expanding Ripple’s Technological Infrastructure
Further expanding its technological infrastructure, RippleX, the development arm of Ripple, disclosed the upcoming XRPL EVM Sidechain. This development will introduce Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger, potentially attracting Ethereum developers and broadening the scope for decentralized finance (DeFi) and asset tokenization applications on Ripple’s platform.
1/ Introducing the XRPL EVM Sidechain: We're excited to bring Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger, enhancing interoperability and unlocking new opportunities in DeFi and RWA. https://t.co/lenc4Bl9TZ
— RippleX 📍#XRPLApex (@RippleXDev) June 12, 2024
The sidechain will connect to the main XRP Ledger via a bridge, utilizing eXRP as its native asset and for transaction fees. This bridge, developed in collaboration with Axelar, aims to enhance the speed and compatibility of asset transfers across different blockchains.
Axelar is renowned for its robust technology, which has been integrated into significant platforms like Uniswap and has garnered recognition from major tech entities, including Microsoft.
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
Collaboration for Enhanced Functionality
Peersyst Technology, working alongside Ripple’s engineering team, will focus on refining the sidechain’s functionality. Ferran Prat, CEO of Peersyst, expressed optimism about the project, citing the industry’s favorable reception of Axelar’s technology as a key factor in their confidence.
