Ripple introduces RLUSD stablecoin and boosts XRP ecosystem
Ripple introduces RLUSD stablecoin and boosts XRP ecosystem
Brad Garlinghouse, Ripple CEO, unveiled RLUSD, a stablecoin pegged to the US dollar, during the XRP Ledger (XRPL) Community Summit in Amsterdam.
Also present at the session was Ripple CTO David Schwartz.
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As reported by The Crypto Basic, this development aims to stabilize transactions on the XRP Ledger and Ethereum, enhancing the ecosystem's versatility.
By being available on both the XRP Ledger and Ethereum, RLUSD aims to attract a diverse user base, from blockchain enthusiasts to financial sector professionals.
Garlinghouse highlighted RLUSD's role in stabilizing the XRP Ledger, saying, "RLUSD will provide a much-needed stability, enabling smoother and more reliable transactions within our growing ecosystem".
The company formally introduced the RLUSD term through its official website and social media accounts.
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Ripple's acquisition of Standard Custody and the subsequent appointment of its CEO, Jack McDonald, as the Senior Vice President of Stablecoins, underscores the company's commitment to expanding its stablecoin offerings. This strategic move aligns with Ripple's broader goal of enhancing governance and integrating stablecoins into its services.
Further bolstering its ecosystem, RippleX, Ripple's development arm, announced the XRPL EVM Sidechain, aiming to introduce Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger. This innovation is expected to foster new use cases in decentralized finance (DeFi) and asset tokenization, making the XRP Ledger more attractive to Ethereum developers.
The XRPL EVM Sidechain will be linked to the main XRP Ledger through a bridge, utilizing eXRP as the native asset and gas token. This bridge, supported by Axelar, is anticipated to improve asset transfer speed and compatibility between different blockchains, thereby enhancing the functionality and reach of the XRP Ledger.
Ripple's introduction of RLUSD marks a significant step in stabilizing and expanding the XRP ecosystem. With strategic appointments and continuous innovation, Ripple is poised to enhance its market position and attract a broader user base.
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