TL;DR
- Ripple’s RLUSD stablecoin is set to launch in “weeks, not months,” according to CEO Brad Garlinghouse, marking a significant move into the stablecoin market.
- RLUSD will be fully backed by US dollar assets and operate on both the XRP Ledger and Ethereum blockchain, ensuring liquidity and stability.
- Testing is underway with enterprise partners, and the stablecoin aims to meet high standards for adoption, filling the demand for reliable and transparent stablecoins post-USDC de-pegging.
Ripple, a prominent player in the blockchain and cryptocurrency space, is set to launch its new US dollar-pegged stablecoin, Ripple USD (RLUSD), much sooner than anticipated. According to Ripple CEO Brad Garlinghouse, the stablecoin could be issued in “weeks, not months”.
This announcement was made during Korea Blockchain Week, during which Garlinghouse emphasized the imminent launch of RLUSD. RLUSD is designed to be a fully backed stablecoin pegged 1:1 to the US dollar.
A reserve of US dollar assets, including cash and short-term US government treasuries, will support it. The stablecoin will operate on both the XRP Ledger and the Ethereum blockchain, leveraging the strengths of both networks to ensure liquidity and stability.
Testing and Deployment
Ripple has already begun testing RLUSD with enterprise partners to ensure that the stablecoin meets the high standards required for widespread adoption.
The testing phase started in early August, and the feedback has been promising. Garlinghouse mentioned that the stablecoin is currently in a private, closed beta, with public availability expected soon.
Why RLUSD Matters
The launch of RLUSD comes at a crucial time for the stablecoin market. Following the de-pegging of USD Coin (USDC) in March 2023, there has been a growing demand for reliable and transparent stablecoins.
Ripple aims to fill this gap by offering a stablecoin that is not only fully backed but also integrated into its existing financial ecosystem. With RLUSD, Ripple is positioning itself as a key player in the stablecoin market.
The stablecoin will facilitate seamless cross-border transactions, providing a stable and efficient means of transferring value. Additionally, RLUSD will be compatible with Ethereum’s ERC-20 token standard, opening up numerous possibilities for DeFi applications.
Ripple’s RLUSD stablecoin is set to make a significant impact on the cryptocurrency market. With its imminent launch, Ripple is poised to offer a stable, reliable, and widely accepted digital asset that could revolutionize the way we think about stablecoins. As Garlinghouse stated, the launch is just weeks away, marking an exciting new chapter for Ripple and the broader crypto community.
