Ripple Officially Announces Stablecoin Name, States Release Schedule

Ripple has just announced the name of its upcoming stablecoin—Ripple USD (RLUSD), causing a stir in the cryptocurrency market. The announcement comes at a time of significant developments for Ripple.

In April, Ripple announced its stablecoin initiative, and after numerous hints and suggestions from the community, Ripple has now revealed the name of its stablecoin.

Aiming for Higher Adoption Rates

The announcement highlighted RLUSD’s focus on transparency and stability. Backed by the US dollar, RLUSD aims to provide users with a reliable and predictable store of value. Additionally, the stablecoin will be available on the XRP Ledger (XRPL) and Ethereum blockchain. This multi-chain approach could expand RLUSD’s coverage and accessibility within the cryptocurrency ecosystem.

While Ripple has not disclosed the exact release date for RLUSD, the company has set up a portal for users to register and receive updates on the stablecoin’s availability and related news and content.

Another Major Step for Ripple

Previously, Ripple acquired the regulated digital asset custody firm Standard Custody & Trust Company. This acquisition further strengthens Ripple’s influence in the digital asset custody space and could bolster user confidence in RLUSD, indicating Ripple’s commitment to ensuring the secure storage of underlying US dollar reserves.

Moreover, Ripple appointed the former CEO of Standard Custody, Jack McDonald, as the Senior Vice President of Ripple’s stablecoin. This appointment suggests that Ripple is assembling a dedicated team to oversee the launch and management of RLUSD.

Leading the Financial Market

Ripple’s collaboration with Apple to introduce the recently launched Tap to Pay feature for iOS users and the global push for blockchain technology application could mark a significant shift in the growing stablecoin market. Compared to traditional fiat currencies and its competitors, the company is set to offer faster and more cost-effective transactions.

The availability of RLUSD on the XRP ledger and Ethereum could potentially broaden its use cases and foster the overall development of the Ripple ecosystem.

Ripple CEO Brad Garlinghouse also revealed his preference for calling Ripple’s stablecoin the “true dollar.” After years of battling a lawsuit with the US Securities and Exchange Commission (SEC), the company has made a strong comeback. Many consider the lawsuit to have been pointless.

Sentiment: Positive