Ripple CEO Brad Garlinghouse announced at the XRP Ledger (XRPL) Global Community Summit in Amsterdam from June 11 to 13 that the company’s new stablecoin will be called $RLUSD. Garlinghouse stated that Ripple had announced in April this year plans to launch a stablecoin anchored 1:1 with the US dollar, backed by 100% USD deposits, short-term US government securities, and other cash equivalents. The company mentioned that once Ripple’s stablecoin is launched, it will be available on the XRP Ledger and the Ethereum blockchain, with plans to expand to other blockchains and decentralized finance (DeFi) protocols and applications over time.
Ripple also announced today the upcoming launch of its new product, XRPL EVM Sidechain. The company stated that the XRPL EVM Sidechain “will bring Ethereum Virtual Machine (EVM) compatibility to XRPL,” providing new opportunities for XRPL developers in DeFi and tokenization of real-world assets (RWA), driving innovation and expanding the network’s utility and coverage.
According to the announcement, the XRPL EVM Sidechain will prioritize Axelar as the exclusive cross-chain bridge to obtain the sidechain’s native gas token eXRP from XRPL. Axelar can also be used to connect other fungible tokens with the XRPL mainnet and over 55 blockchains in the Axelar network.
Ripple wrote in the announcement:
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