The upcoming product aims to enhance DeFi on XRPL with US dollar backing.
Ripple has recently shared additional details about the imminent launch of its new stablecoin. In a recent announcement, the company revealed that the stablecoin, named Ripple USD (RLUSD), is set to launch on the XRP Ledger and the Ethereum blockchain later this year.
Introducing Ripple USD (RLUSD): A 1:1 USD-backed stablecoin, offering transparency and stability on the XRP Ledger and Ethereum. Coming later this year.
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— Ripple (@Ripple) June 12, 2024
Ripple CEO Brad Garlinghouse also described RLUSD as “Real USD.”
3/ We're migrating to @axelarnetwork for its robust security and efficiency in cross-chain transactions.
"Axelar is a battle-tested, production-ready bridge to bring XRP as a native currency to the XRPL EVM Sidechain.” — @FerranPrat12, @Peersyst CEO.
— RippleX (@RippleXDev) June 12, 2024
Despite recent progress, RLUSD has faced regulatory roadblocks. 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 might keep doing things that violate securities laws.