TL;DR
- Ripple will launch its new stablecoin, RLUSD, on the Ethereum main chain and XRP Ledger (XRPL), projecting growth in the stablecoin industry to $2.9–$3 trillion by 2028.
- The company’s CTO, David Schwartz, confirmed the issuance on both platforms and highlighted recent improvements in Ethereum that mitigate congestion and cost issues.
- The company seeks to leverage its experience in cross-border payments and its infrastructure to provide excellent service and maintain user trust.
Ripple recently announced the launch of its new stablecoin, RLUSD, which will be available on both the Ethereum main chain and the XRP Ledger (XRPL) platform. The launch is part of a strategic project framed by the growing interest in stablecoins, an industry projected to increase in value from the current $150 billion to between $2.9 and $3 trillion by 2028.
Ripple’s CTO, David “JoelKatz” Schwartz, confirmed that RLUSD will be issued on both platforms, dispelling any prior confusion about whether the launch would include only the XRPL EVM sidechain. The Ethereum main chain, despite its history of congestion and high transaction costs, has experienced significant improvements, especially following the update known as “The Merge,” which has helped mitigate these issues.
Ethereum main chain.
— David "JoelKatz" Schwartz (@JoelKatz) June 17, 2024
Ripple Seeks to Capitalize on Its Infrastructure and Experience
Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, highlighted the company’s decade-long experience in creating cross-border payment systems, which positions it favorably to capitalize on the existing infrastructure for stablecoin transfers. Merrick stressed that it is vital for companies to maintain user trust in a stablecoin market that is in full expansion.
Furthermore, the launch also coincides with a considerable increase in the trading volume of the XRP token. According to CoinMarketCap data, the trading volume of XRP has increased by 104.44% in the last 24 hours. However, its current price, which is $0.4941, is still 87.15% lower than its all-time high of $3.84 reached six years ago.
RLUSD is part of the company’s strategy to adapt to the growing demand for stablecoins and to leverage its strong track record in international payment solutions. The company trusts that its new stablecoin will be a crucial addition to the market, offering a more regulated and reliable option for users and businesses seeking stability in a highly volatile market.
