Ripple Labs is gearing up to launch its highly anticipated U.S.-dollar pegged stablecoin, RLUSD. The company’s CEO, Brad Garlinghouse, announced at the Korea Blockchain Week that the stablecoin is “weeks, not months” away from issuance.
The development of RLUSD was spurred by the de-pegging of USDC, the second-largest stablecoin, in March 2023. Ripple saw an opportunity to enter the market with a stablecoin that would be fully backed by U.S. dollar assets and operate on both the XRP Ledger and Ethereum blockchain.
RLUSD has already undergone testing with enterprise partners and is set to be deployed on both the XRP Ledger and Ethereum. This dual-chain approach aims to expand the stablecoin’s reach and cater to a wider range of users and developers.
The launch of RLUSD comes at a time when the XRP Ledger is undergoing significant upgrades. The recent introduction of Ethereum-compatible smart contracts will enable developers to build a variety of financial applications on the network, similar to what is possible on Ethereum. This development further enhances the attractiveness of the XRP Ledger as a platform for stablecoins like RLUSD.
As RLUSD approaches its launch, it will be interesting to see how it fares against established stablecoins like USDC and USDT. With its strong backing from Ripple and its potential to leverage the growing popularity of the XRP Ledger, RLUSD could become a significant player in the stablecoin market.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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