Ripple has officially announced the upcoming launch of its stablecoin, Ripple USD (RLUSD), along with the confirmation of RLUSD as the trading symbol. This exciting news was revealed by Ripple’s CEO Brad Garlinghouse at the XRP Ledger Apex summit, where Ripple CTO David Schwartz was also in attendance.
Garlinghouse humorously referred to RLUSD as the “Real USD,” but clarified that the term was inspired by “Ripple USD.” The company has introduced the RLUSD term on its official website and social media platforms, following a trademark application filed with the U.S. legal database registry, Justia, a month earlier.
Although speculation arose within the community upon discovering the trademark application, Ripple neither confirmed nor denied the rumors until now. Despite some criticism from community members who had hoped for names like USDX or USDR, Ripple’s decision to use RLUSD was influenced by the prior adoption of those names by other entities in the stablecoin market.
The launch of Ripple USD (RLUSD) is expected by the end of 2024 on the XRP Ledger and Ethereum. This 1:1 USD-backed stablecoin is aimed at providing transparency and stability to the market as Ripple enters the rapidly growing stablecoin sector, projected to reach a valuation of nearly $3 trillion within the next four years.
Please note that this content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article are solely those of the author and do not reflect The Crypto Basic’s views. Readers are advised to conduct their own research before making any investment decisions, as The Crypto Basic is not liable for any financial losses incurred.