Ripple’s CEO, Brad Garlinghouse, announced at the XRP Ledger Global Community Summit, XRP Ledger Apex 2024, held in Amsterdam from June 11th to 13th, that the company’s new stablecoin will be named $RLUSD. Garlinghouse stated that Ripple had planned to launch a stablecoin pegged 1:1 to the US dollar in April this year, with full backing from US dollar deposits, short-term US government bonds, and other cash equivalents. The stablecoin will be available on the XRP Ledger and Ethereum blockchain initially, with plans to expand to other blockchains and decentralized finance (DeFi) protocols and applications over time.
Ripple also announced today the upcoming release of their new product, XRPL EVM Sidechain. The company stated that the XRPL EVM Sidechain “will bring Ethereum Virtual Machine (EVM) compatibility to XRPL”, providing new opportunities for XRPL developers in DeFi and tokenization of real-world assets (RWA), driving innovation and expanding the network’s utility and coverage. According to the announcement, the XRPL EVM Sidechain will prioritize Axelar as the exclusive cross-chain bridge to obtain the native gas token eXRP from XRPL. Axelar can also be used to connect other fungible tokens with the XRPL mainnet and over 55 blockchains in the Axelar network.
Ripple wrote in the announcement:
