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Ripple has recently shared additional details about the imminent launch of its new stablecoin. In a recent announcement, the company revealed that the stablecoin, called Ripple USD (RLUSD), will launch on the XRP Ledger and the ethereum blockchain later this year.
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Introducing Ripple USD (RLUSD): a 1:1 USD-backed stablecoin that offers transparency and stability on the XRP Ledger and ethereum. It arrives later this year.
Sign up to receive the latest news, content and stablecoin availability: https://t.co/ifguG77bO6
– Ripple (@Ripple) twitter.com/Ripple/status/1800892689044648393?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener noreferrer”>June 12, 2024
Ripple CEO Brad Garlinghouse also described RLUSD as “real USD.”
“The name of Ripple's stablecoin (is) RLUSD; I like to call it Real USD or Ripple USD,” Garlinghouse said at the XRP Ledger Apex 2024 this week.
Pegged to the US dollar at a 1:1 ratio, RLUSD will be fully backed by a combination of US dollars, short-term US government bonds and cash equivalent assets, as crypto Briefing previously reported.
With the new product, Ripple aims to diversify its stablecoin offering. Additionally, the company hopes to improve support for DeFi applications, including AMM exchanges, by providing a reliable asset solution.
The announcement follows Ripple's recent acquisition of Standard Custody and yesterday's appointment of its CEO, Jack McDonald, as senior vice president overseeing the stablecoin division.
Additionally, Ripple has chosen Axelar's interoperability platform for its XRPL EVM sidechain, favoring its user-friendly approach over the previously considered XLS-38 bridge. The company said Axelar's integration with notable projects and its security features were key factors in this decision.
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3/ We are migrating to twitter.com/axelarnetwork?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener noreferrer”>@axelarnetwork for its solid security and efficiency in cross-chain transactions.
“Axelar is a battle-tested and production-ready bridge to bring XRP as a native currency to the XRPL EVM Sidechain.” — twitter.com/ferranprat12?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener noreferrer”>@FerranPrat12, twitter.com/Peersyst?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener noreferrer”>@Peersyst CEO.
— RippleX #XRPLApex (@RippleXDev) twitter.com/RippleXDev/status/1800808051911639048?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener noreferrer”>June 12, 2024
Despite recent progress, RLUSD has faced regulatory hurdles. In a legal document filed in May, the US Securities and Exchange Commission (SEC) claims that Ripple's proposed stablecoin is an unregistered crypto asset. According to the SEC, the stablecoin is evidence that Ripple could continue doing things that violate securities laws.
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