Ripple just sent shockwaves through the crypto market by unveiling the name of its forthcoming stablecoin – Ripple USD (RLUSD). This announcement comes amid a period of significant developments for Ripple.
Ripple announced its stablecoin initiative in April, and after multiple teases and suggestions from the community, Ripple has revealed the name of its stablecoin.
Read Also: Ripple’s Choice Name For Underway Stablecoin Emerges, XRP Army Reacts
The Goal of Increased Adoption
The announcement emphasizes RLUSD’s focus on transparency and stability. By being backed by U.S. dollars, RLUSD aims to provide users with a reliable and predictable store of value. Additionally, the stablecoin will be available on the XRP Ledger (XRPL) and Ethereum blockchain. This multi-chain approach potentially broadens RLUSD’s reach and accessibility within the cryptocurrency ecosystem.
While Ripple did not reveal a specific launch date for RLUSD, the company has opened a portal for users to register and receive updates regarding the stablecoin’s availability and related news and content.
Another Big Step for Ripple
This announcement follows Ripple’s recent acquisition of Standard Custody & Trust Company, a regulated custodian for digital assets. The acquisition further strengthens Ripple’s presence in the digital asset custody sector and potentially bolsters user confidence in RLUSD by demonstrating Ripple’s commitment to secure storage of the underlying USD reserves.
Furthermore, Ripple appointed Jack McDonald, former CEO of Standard Custody, as Senior Vice President of Stablecoins at Ripple. This appointment suggests that Ripple is assembling a dedicated team to oversee the launch and management of RLUSD.
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Dominating the Financial Market
Ripple partnered with Apple for its recently revealed Tap to Pay feature for iOS users, and is making significant strides in blockchain technology adoption globally.
Ripple’s entry into the growing stablecoin market could bring significant change, as the company will provide faster and more cost-effective transactions compared to traditional fiat currencies and its competitors.
Read Also: Ripple CTO Discusses Ripple Stablecoin Progress, XRP Army Suggests Name
The availability of RLUSD on both the XRP Ledger and Ethereum has the potential to expand its use cases and contribute to the overall growth of the Ripple ecosystem.
Ripple’s CEO Brad Garlinghouse also revealed that he prefers to call Ripple’s stablecoin the “Real USD.” After years of fending off the U.S. Securities and Exchange Commission (SEC) in a lawsuit many see as frivolous, the company has bounced back stronger.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
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