Ripple, the prominent American fintech firm, has recently announced its intention to launch a new Stablecoin cryptocurrency named RLUSD. This groundbreaking development will be rolled out on both the XRP Ledger and the well-known Ethereum main chain, a strategic move driven by the increasing demand for stablecoins and Ripple’s vast expertise in cross-border payments.
David “JoelKatz” Schwartz, the Chief Technology Officer of Ripple, has confirmed that RLUSD will be issued on the Ethereum main chain. Initially, there was some uncertainty as to whether the token would also be introduced on the XRP Ledger or the XRPL EVM side chain, but a user of platform X sought clarification on this matter from Schwartz. In response, Schwartz clarified that the stablecoin will indeed be launched on both the XRP Ledger and the Ethereum main chain.
Despite the known congestion issues and high gas fees associated with the Ethereum main chain, Ripple’s decision to choose it reflects their optimism about recent improvements brought about by the Merge event. These updates have addressed some of the previous concerns regarding the network’s resource usage.
Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, emphasized the company’s extensive experience of a decade in developing robust systems for cross-border payments. According to Merrick, this expertise positions Ripple uniquely to facilitate efficient and secure transfers using RLUSD.
Ripple’s entry into the stablecoin realm with RLUSD on Ethereum not only reaffirms their dedication to innovation in the payments sector but also indicates a strategic expansion that could benefit global users by providing ease and stability in international financial transactions through the use of stablecoins.
Disclaimer: The opinions and views expressed by the author, or any individuals mentioned in this article, are purely for informational purposes and should not be considered as financial, investment, or any other form of advice. Investing or trading in cryptocurrencies carries a risk of financial loss.
Editor’s Choice: SEC Rejects Ripple Comparison with Terraform Labs in Fines Dispute Ripple Evaluates SEC Settlement Proposal Amid Regulatory Uncertainty
