RLUSD, the new stablecoin from Ripple, is set to make a splash in the cryptocurrency world. Backed by a 1:1 reserve of USD and other cash equivalents, RLUSD will offer multichain interoperability and integrate with Ripple’s On-Demand Liquidity (ODL) platform.
During the recent XRP Ledger Apex meeting, Ripple CEO Brad Garlinghouse announced the upcoming launch of RLUSD, which he affectionately refers to as “Real USD… Ripple USD.” This move signals Ripple’s strategic entry into the rapidly growing $3 trillion stablecoin market.
Ripple has already filed a trademark for RLUSD, indicating its commitment to the project. The stablecoin will be supported by monthly attestations and a reserve of US dollar deposits and other currency equivalents, ensuring transparency and reliability.
In addition to its compliance efforts, Ripple’s stablecoin will be interoperable with the Ethereum blockchain and the XRP Ledger. This multi-chain compatibility will allow RLUSD to seamlessly integrate with Ripple Payments, offering broad usability and cross-chain interoperability.
While some in the cryptocurrency community have expressed mixed opinions about the RLUSD ticker, Ripple remains confident in the importance of this stablecoin to its ecosystem. As the price of XRP continues to fluctuate, RLUSD aims to provide a stable and reliable option for users in the ever-changing crypto market.