Ripple Labs, a blockchain payments company, has unveiled the official webpage for its highly anticipated RLUSD stablecoin.
Ripple Labs Inc., a blockchain payments firm, has recently launched the portal for its stablecoin RLUSD, which has surprised community members. Although this may appear to be a long-overdue action from the company, it emphasizes its unannounced endeavors to introduce the new token.
Ripple Labs Stablecoin to Compete with Rivals
Given its status as a payment company, Ripple Labs appears to be making the appropriate decision by introducing a stablecoin tied to the US dollar. An extensive cross-border settlement network will improve the stablecoin’s business operations. Ripple’s existing successful network, including the XRP Ledger and its popular Layer 1 protocol, will likely be leveraged.
With the Ripple stablecoin, the blockchain payments firm can directly compete with two of the most prominent names in the stablecoin industry: Circle and Tether. In particular, RLUSD would need to compete for a portion of the market currently occupied by Tether (USDT) and USD Coin (USDC). The company remains sanguine that its stablecoin will secure a place in the market despite the evolving regulatory landscape of cryptocurrency.
Brad Garlinghouse, the CEO of the platform, unveiled the “RLUSD” during the XRP Ledger Community Summit (XRPL Apex) in Amsterdam after consistently hinting at the likelihood of a Ripple stablecoin. The community’s enthusiasm was not diminished because the date for the introduction of the stablecoin backed by the United States dollar was not disclosed at the time.
The timeline for the stablecoin launch remains unknown despite the recent introduction of the RLUSD webpage.
Settlement in the Ripple Labs vs SEC lawsuit
Ripple is striving to progress in the XRP litigation with the US Securities and Exchange Commission (SEC) and is also making an effort with RLUSD. This is noteworthy. In the past few days, numerous speculations have been circulating regarding the potential for a settlement between the firm and the regulator. Additionally, market analysts are currently engaged in a conversation regarding the potential timeline for this decision.
However, a few legal professionals, including former SEC attorney Marc Fagel and pro-XRP counsel Bill Morgan, do not anticipate a settlement. Regardless of its outcome, the judge’s decision will establish a precedent for the broader crypto industry.
Similarly, an ex-Ripple executive, Sean McBride, predicted the likelihood of Judge Torres ruling on the Ripple SEC lawsuit in August is 50/50. Additionally, he suggested that the litigation may be postponed until September if it is not resolved sooner.
