Ripple to Launch Stablecoin RLUSD Next Week?
2024-09-09
Bittime - Ripple announced that it will soon launch a new stablecoin pegged to the US dollar. This stablecoin, named RLUSD, will be launched in the next few weeks.
What is Ripple's reason for launching this new stablecoin? Check out the review in this article.
RLUSD Launch Plan
Ripple CEO Brad Garlinghouse revealed plans to launch RLUSD during Korea Blockchain Week on Wednesday. He stated that the decision to develop this stablecoin was taken after the depegation of USDC, the second largest stablecoin on the market, in March 2023.
"We see an opportunity for a credible player and have collaborated with many financial institutions to enter this market," said Garlinghouse.
Read also: XRP Lawsuit Update: Ripple's $125 Million Fine Successfully Postponed
RLUSD will be fully backed by US dollar assets, including US dollar deposits, short-term US Treasuries and other cash equivalents. Before launching, RLUSD will be tested with corporate partners to ensure its stable and safe performance.
Users can transact RLUSD via XRP Ledger and Ethereum
This stablecoin will be implemented on the XRP Ledger and Ethereum blockchain. This allows users to interact with RLUSD via both platforms.
Read also: Latest XRP Ripple News Update, Post Clash with SEC
In addition, Ripple is also developing Ethereum-compatible smart contracts on the XRP Ledger. This feature will allow users to build various financial services, such as on-chain exchanges and token issuance, on top of the XRP Ledger.
With the launch of RLUSD, Ripple hopes to provide a more stable and trustworthy alternative for users looking for a stablecoin. Apart from that, the development of smart contracts on the XRP Ledger will also expand the potential use of this blockchain in various financial sectors.
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