XRP developer Ripple announced the launch of a new stablecoin, Ripple USD (RLUSD), during the XRP Ledger Community Summit (XRPL Apex) in Amsterdam.
The announcement was made by company CEO Brad Garlinghouse, who announced that the stablecoin, which will be first offered on XRP Ledger and Ethereum, will be backed by the US dollar at a 1:1 ratio.
“The Ripple stablecoin is called RLUSD; I like to call it Real USD or Ripple USD,” Garlinghouse said. He noted that RLUSD complements the broader XRP ecosystem. However, the CEO did not announce the launch date of the stablecoin. The company's official account stated that RLUSD will arrive later this year.
In addition to the stablecoin, the company's development arm RippleX announced the development of the XRPL EVM Sidechain. This sidechain aims to bring Ethereum Virtual Machine (EVM) compatibility to XRP Ledger (XRPL) and open new opportunities for developers on XRP Ledger, particularly in the areas of DeFi and real-world asset tokenization.
The XRPL EVM sidechain will be connected to the XRPL mainnet via a bridge using wrapped XRP (eXRP) as the native asset and gas token.
*This is not investment advice.
