Ripple CEO Brad Garlinghouse unveils RLUSD at the XRPL Summit to stabilize crypto transactions and improve global payments.
Ripple’s Chief Executive Officer, Brad Garlinghouse, recently disclosed the company’s imminent stablecoin, RLUSD, at the XRP Ledger Community Summit (XRPL Apex) in Amsterdam.
Garlinghouse referred to the new currency as “Real USD” or “Ripple USD,” which indicated a substantial expansion of the XRP ecosystem.
Although the debut date is unknown, the enthusiasm surrounding RLUSD indicates a promising addition to Ripple’s capabilities, which are aligned with broad ecosystem integration.
Ripple Unveils RLUSD to Stabilize XRP Transactions
The objective of the RLUSD is to stabilize transactions within the XRP Ledger (XRPL) by establishing a consistent connection to the US currency.
RLUSD will be accessible on Ethereum and the XRP Ledger, providing a broader range of utility across various blockchain environments, thereby positioning it as a versatile instrument.
The anticipated outcome of this strategic maneuver is the strengthening of Ripple’s market position by attracting a diverse user base, including financial sector professionals and blockchain enthusiasts who require dependable digital transactions.
Garlinghouse’s announcement was also in conjunction with Ripple’s personnel change, which resulted in the appointment of Jack McDonald as the Senior Vice President of Stablecoins. McDonald is the CEO of Standard Custody, which they recently acquired.
However, this appointment serves to reinforce Ripple’s commitment to bolstering its services and consolidating its position in the stablecoin sector through effective governance.
XRPL EVM Sidechain to Enhance Ripple’s Reach
RippleX, the development arm of Ripple, recently introduced the XRPL EVM Sidechain to promote innovation.
It is anticipated that this will result in the XRP Ledger gaining EVM compatibility, which will open up new applications in asset tokenization and DeFi.
Consequently, the integration of EVM into XRPL has the potential to attract Ethereum developers and improve the functionality, innovation, and advancement of the ledger within the Ripple network.
Meanwhile, a bridge will connect the proposed sidechain to the primary XRPL, and eXRP will serve as the native asset and gas token.
Axelar intends to enhance the quickness and compatibility of asset transfers between the XRPL and other blockchains through the implementation of this bridge.
Uniswap and Microsoft are among the main integrations that Axelar’s bridge has supported, and it is renowned for its stability.
Furthermore, Peersyst Technology will collaborate with Ripple’s engineering staff to optimize the functionality of the sidechain.
Peersyst CEO Ferran Prat, expressed his optimism regarding the project, citing the positive industry response to Axelar.