Ripple announces the imminent launch of its stablecoin RLUSD, which promises to revolutionize digital payments.
The launch of Ripple USD (RLUSD) is subject to regulatory approval, as Ripple Labs notes on its website. However, Brad Garlinghouse, CEO of the company, recently confirmed that the arrival of this new stablecoin, which will be pegged to the value of the US dollar at a 1:1 ratio, is a matter of weeks and not months, thus revealing that its launch is closer than expected.
Garlinghouse recently participated in Korea Blockchain Week, highlighting that his company is in the final stages of launching its stablecoin RLUSD.
According to Garlinghouse, the issuance of this new stablecoin, which is generating great expectations in the cryptocurrency sector, will help Ripple consolidate its position in the stablecoin market and offer a reliable payment alternative to users and financial institutions on the blockchain.
What is RLUSD and how will it work?
Ripple USD (RLUSD) is a stablecoin backed entirely by US dollar assets, meaning that each unit of RLUSD will be collateralized by dollar deposits, short-term US Treasury bonds, and other cash equivalents. Meeting structure The stablecoin aims to provide solidity and confidence to users, especially after the challenges that similar products, such as USDT and USDC, have faced in the market.
Garlinghouse emphasized that Ripple's experience, both in the blockchain ecosystem and digital payments, as well as in working with different financial institutions, provides a solid foundation for the success of RLUSD in a market that has become increasingly competitive.
As an reported This month in early August, Ripple’s stablecoin will launch on the company’s XRP Ledger network, as well as the Ethereum mainnet, using the ERC-20 token standard. This will not only allow RLUSD to be interoperable with other decentralized platforms and applications, but will also facilitate its adoption among users and developers who are already familiar with the Ethereum ecosystem.
Ripple makes a series of key announcements in South Korea
During Korea Blockchain Week, in addition to the announcement about the launch of RLUSD in the coming weeks, Ripple also presented other important developments that seek to strengthen the cryptocurrency infrastructure and promote institutional adoption.
Garlinghouse stressed that the company is working to improve the utility and usability of blockchain, which is key to attracting more institutions to the crypto space.
On social media, the XRP company made a summary of the most relevant announcements during the conference, highlighting the smart contract integration Ethereum-compatible tokens on the XRP Ledger. This upgrade will allow developers to create and issue tokens and other protocols, expanding the capabilities of the Ripple network and more closely aligning it with the functionalities offered by Ethereum. The ability to deploy smart contracts on the XRP Ledger is a significant step towards creating a more robust and flexible ecosystem capable of supporting a variety of decentralized applications (DApps).
In addition, Ripple is focusing its efforts on establishing strategic partnerships with financial institutions in Asia, which could open up new business opportunities and expand its influence in the global market.
Garlinghouse said the company is committed to being a key player in developing innovative payment solutions that respond to changing market needs.
In short, the imminent launch of the RLUSD stablecoin and the innovations introduced by Ripple in South Korea mark a new chapter for the company and the cryptocurrency market in general. With the launch of this stablecoin, Ripple hopes to significantly contribute to the growth of the global crypto infrastructure, position itself within the stablecoin market, and open up new opportunities for institutional adoption of blockchain technology.
