Ripple has officially unveiled Ripple USD (RLUSD), confirming RLUSD as its forthcoming stablecoin trading symbol.
This announcement first came from Ripple’s CEO Brad Garlinghouse during his session at the ongoing XRP Ledger Apex summit. Also present at the session was Ripple CTO David Schwartz.
When asked, Garlinghouse revealed that the Ripple stablecoin will be named RLUSD, humorously referring to it as the “Real USD.” However, he noted that the term “RLUSD” was inspired by “Ripple USD.”
‘The name of the @Ripple stablecoin, the $RLUSD, I like to call it Real USD… Ripple USD’ – Brad Garlinghouse (@bgarlinghouse) at #XRPLApex 2024 ⚡💙 pic.twitter.com/cRVsgnQLXQ
— XRP Ledger Apex (@xrplapex) June 12, 2024
Ripple Officially Introduces RLUSD
Following the revelation from Ripple’s chief executive officer, the company formally introduced the RLUSD term through its official website and social media accounts.
Introducing Ripple USD (RLUSD): A 1:1 USD-backed stablecoin, offering transparency and stability on the XRP Ledger and Ethereum. Coming later this year.
Sign up to receive the latest stablecoin news, content and availability: https://t.co/ifguG77bO6
— Ripple (@Ripple) June 12, 2024
Significantly, this announcement follows the company’s trademark application for the same name with the U.S. legal database registry, Justia, a month ago.
While the trademark application was still under review, community members stumbled upon the filing and began speculating that RLUSD might be the chosen ticker for Ripple’s stablecoin.
The application detailed that RLUSD would be used for electronic financial services, specifically for managing virtual currency payments and transfers.
During the period of speculation, Ripple neither confirmed nor denied the rumors. The eventual confirmation of RLUSD as the stablecoin’s name has not gone uncriticized as community members had hoped for names like USDX or USDR.
However, as reported by The Crypto Basic, Ripple is unable to use USDX or USDR due to their prior adoption by other entities in the stablecoin market. Specifically, Flare Networks had already announced USDX as the name for its stablecoin, and ‘USDR’ has been adopted by the issuer of the Real USD stablecoin.
Ripple USD (RLUSD) Trading This Year
Significantly, the now-announced Ripple USD (RLUSD) is not yet live. Ripple plans to launch the stablecoin on the XRP Ledger and Ethereum before the end of 2024. RLUSD will be a 1:1 USD-backed stablecoin, offering transparency and stability to the market.
Ripple’s pivot towards the stablecoin market aims to capture a share of this rapidly growing sector, projected to reach a valuation close to $3 trillion in the next four years.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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