Ripple Introduces RLUSD A Fresh Stablecoin Available on XRPL and Ethereum

Ripple has made a major announcement regarding its new stablecoin, known as Ripple USD (RLUSD), marking a significant milestone in its expansion strategy. This news comes after much anticipation and speculation within the crypto community. RLUSD will be backed 1:1 by U.S. dollars, providing users with a stable and transparent store of value. This stablecoin will be accessible on both the XRP Ledger (XRPL) and Ethereum blockchain, expanding its reach within the crypto ecosystem.

The launch of RLUSD follows Ripple’s recent acquisition of Standard Custody & Trust Company, a regulated custodian of digital assets. This acquisition strengthens Ripple’s infrastructure and ensures secure storage of USD reserves to support RLUSD. Additionally, Jack McDonald, former CEO of Standard Custody, has been appointed as Senior Vice President of Stablecoins at Ripple, demonstrating a commitment to a successful and secure launch.

In addition to its stablecoin efforts, Ripple has partnered with Apple to introduce the Tap to Play feature on iOS, showcasing its influence in promoting blockchain technology worldwide.

CEO Brad Garlinghouse jokingly refers to RLUSD as “Real USD,” reflecting Ripple’s long-term vision to offer an authentic and stable digital currency. Despite legal challenges with the U.S. Securities and Exchange Commission (SEC), Ripple has shown resilience and determination to make a significant impact in the stablecoin market.

RLUSD is set to launch on the XRP Ledger and Ethereum by the end of 2024. Ripple aims to provide faster and more cost-effective transactions compared to traditional fiat currencies, revolutionizing the stablecoin sphere and contributing to the overall growth of the Ripple ecosystem.