Ripple, the cryptocurrency company, has taken a significant step towards launching its planned dollar-based stablecoin by filing a trademark for the term “RLUSD.” The trademark application, filed on May 7, suggests that the stablecoin may be listed under the symbol RLUSD. While Ripple has not yet made an official announcement, there is speculation in the cryptocurrency community that this trademark filing aligns with their plan to launch the stablecoin in 2024.
The RLUSD trademark application confirms the rumors surrounding Ripple’s stablecoin plans. It specifies that the trademark will be applicable to electronic financial services for monetary transactions, including virtual currency payments, indicating that it will be a stablecoin linked to fiat money.
The choice of the RLUSD name has generated mixed reactions among community members. Some have questioned the decision, suggesting that options like USDX or USDR would have been more appealing to ordinary buyers.
However, Ripple’s options for using USDX or USDR were limited. The anticipation for “USDX” was due to Ripple’s intention to introduce the stablecoin on the XRP Ledger. However, Flare Networks has already introduced their own stablecoin called “USDX,” backed 1:1 by USD. Additionally, the moniker “USDR” was not available as it is already used by Real USD.
Ripple’s move towards stablecoins is part of its market strategy to capture a significant portion of the market, which is projected to be valued at around $3 trillion in the coming years. The current size of the stablecoin market is $161 billion.
As of now, the price of XRP is $0.5349, experiencing a slight decrease of 1.18% in the last 24 hours. However, over the past week, XRP has seen a positive trend, with a 6.66% increase. Additionally, Ripple has established a local fund to support initiatives in Brazil that utilize the XRP Ledger.
In summary, Ripple’s trademark filing for RLUSD indicates its progress towards launching a dollar-based stablecoin. The choice of RLUSD has sparked discussions within the community, while Ripple faces limitations in using alternative names. The company’s focus on stablecoins is part of its strategy to tap into a growing market, and XRP has shown positive performance in recent weeks.
