Ripple CEO unveils name of upcoming stablecoin RLUSD
Ripple CEO Brad Garlinghouse has announced the name of the companys upcoming stablecoin at the XRP Ledger Community Summit (XRPL Apex) in Amsterdam.
During a panel discussion, Garlinghouse stated:
The name of the Ripple stablecoin [is] RLUSD; I like to call it Real USD or Ripple USD.
While Garlinghouse did not disclose the launch date, he expressed enthusiasm about the project, noting that it complements the broader XRP ecosystem. The RLUSD will be a dollar-pegged stablecoin available on the XRP Ledger and Ethereum.
This announcement follows Ripples recent appointment of Jack McDonald, CEO of its newly acquired Standard Custody, as Senior Vice President of Stablecoins.
XRPL EVM sidechain
RippleX, Ripples development arm, has announced the development of the XRPL EVM Sidechain. This would bring Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger (XRPL).
This sidechain aims to open new opportunities for developers on the XRP Ledger, particularly in DeFi and real-world asset tokenization, driving innovation and expanding the networks utility and reach.
The XRPL EVM sidechain will connect to the XRPL mainnet via a bridge, using wrapped XRP (eXRP) as the native asset and gas token. The bridge will enable seamless asset transfers between XRPL and the EVM sidechain, enhancing interoperability and transaction efficiency.
The Axelar bridge will be the exclusive bridge for sourcing the sidechains native gas token, and it will also support the transfer of other fungible tokens to and from the XRPL mainnet.
Ripples engineering team will also be collaborating with Peersyst to enhance XRPLs interoperability and support the EVM sidechain launch. Peersyst CEO Ferran Prat said he was confident in the Axelar bridge, highlighting its industry-wide recognition and successful integrations, including Uniswap and Microsoft.
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