ripple CEO Announces RLUSD Stablecoin for the XRP Ecosystem
Chief Executive Officer of Ripple, Brad Garlinghouserecently announced the company’s new stablecoin called RLUSD. XRP ledgers Community Summit (XRPL Apex) in Amsterdam. Garlinghouse called the new currency “Real USD” or “Ripple USD” and pointed out that the XRP ecosystem has expanded significantly. Although no launch date has been specified, the enthusiasm surrounding RLUSD suggests that it is a promising addition to Ripple’s offerings compatible with its extensive ecosystem integrations.
Ripple Announces RLUSD to Stabilize XRP Transactions
The launch of RLUSD aims to stabilize transactions within the XRP Ledger (XRPL) by providing a stable link to the US dollar. Positioned as a versatile tool, RLUSD will be accessible from the XRP Ledger and Ethereumoffers broader utility across different blockchain environments. This strategic move is expected to strengthen Ripple’s market position by attracting a diverse user base, from blockchain enthusiasts to financial industry professionals looking for reliable digital transactions.
Garlinghouse’s announcement also coincided with Ripple’s personnel change, which it named Jack McDonald’s, CEO of newly acquired Standard Custody and SVP of Stablecoins. This appointment reaffirms Ripple’s focus on establishing its dominance in the stablecoin industry and expanding its services through effective management.
XRPL EVM Sidechain Will Increase Ripple’s Reach
In an effort to drive innovation, RippleX, the development wing of Ripple, recently announced: XRPL EVM Sidechain. This is expected to bring EVM compatibility to the XRP Ledger and enable new use cases in DeFi and asset tokenization. Thus, XRPL incorporating EVM can attract Ethereum developers and increase the functionality, innovation and advancement of the ledger within the Ripple network.
The proposed sidechain will be connected to the main XRPL via a bridge, and eXRP will be used as the native asset and gas token. Powered by Axelar, this bridge is expected to increase asset transfer speed and compatibility between XRPL and other blockchains. Axelar’s bridge is known for its stability and has supported major integrations such as Uniswap and even Microsoft.
Peersyst Technology will work with Ripple’s engineering team to improve the efficiency of the sidechain’s functionality. Peersyst CEO Ferran Prat stated that he was optimistic about the project and attributed this to the fact that Axelar was well received in the industry.
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Maxwell is a crypto-economic analyst and Blockchain enthusiast who is passionate about helping people understand the potential of decentralized technology. I write extensively on topics like blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its effects on economic freedom and social well-being.
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