Ripple CEO Brad Garlinghouse announced at the XRP Ledger Apex 2024 global community summit in Amsterdam from June 11th to 13th that the company’s new stablecoin is named $RLUSD. Garlinghouse stated that in April of this year, Ripple announced plans to launch a stablecoin pegged 1:1 to the US dollar, backed 100% by USD deposits, short-term US government bonds, and other cash equivalents. The company mentioned that once Ripple’s stablecoin is launched, it will be available on the XRP Ledger and 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, the XRPL EVM Sidechain. The company mentioned 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 as well as over 55 blockchains in the Axelar network.
Ripple stated in the announcement: