In a significant announcement at the XRP Ledger Community Summit (#XRPL Apex) held in Amsterdam from June 11-13, 2024, Ripple CEO Brad Garlinghouse unveiled the name of Ripple’s new stablecoin – $RLUSD. Garlinghouse expressed his fondness for the name, stating, “I like to call it Real USD… Ripple USD”. This development marks a major milestone in Ripple’s journey, highlighting the increasing importance and traction of stablecoins like USDC, USDT, and others in the digital currency world due to their inherent stability.
The launch of $RLUSD highlights Ripple’s continued success and the vital role stablecoins occupy in the digital currency landscape. Stablecoins are prized for their stability, serving as a reliable medium of exchange and store of value amid cryptocurrency market volatility. Ripple’s new stablecoin seeks to harness these advantages, offering users a dependable digital asset linked to the value of the USD.
Garlinghouse’s announcement at the summit underscores Ripple’s dedication to innovation and its strategic efforts to enhance the XRP Ledger’s utility. As stablecoins gain prominence, Ripple’s $RLUSD is set to make a significant impact on the digital currency ecosystem.