Ripple has introduced a new stablecoin called Real USD (RLUSD) and launched a product known as XRPL EVM Sidechain.
During the XRP Ledger Community Summit 2024 (XRPL Apex) in Amsterdam, Ripple CEO Brad Garlinghouse revealed the long-awaited Real USD (RLUSD) stablecoin in his keynote address. This announcement highlighted Ripple’s commitment to expanding its ecosystem and its ongoing exploration of stablecoins.
Garlinghouse affectionately referred to the new stablecoin as “Real USD…Ripple USD.”
Back in April of this year, Ripple had announced its intention to create a stablecoin pegged 1:1 to the US dollar, in addition to XRP. The goal of this stablecoin is to bridge the gap between traditional finance and decentralized finance. Initially launching in the United States, Ripple is considering introducing regional versions in other markets such as Europe and Asia.
Ripple’s Growth Trajectory
Amidst these exciting developments, Ripple has been making significant updates to its network. The recent acquisition of Standard Custody & Trust Company, a regulated digital asset custodian, has been a crucial move for the community. This acquisition aligns with Ripple’s strategy to strengthen its enterprise infrastructure solutions, enabling institutional customers to tokenize, store, and exchange value more efficiently using blockchain and digital asset technology.
In addition to this, Ripple has unveiled a new product called the XRPL EVM Sidechain, aiming to provide new opportunities for XRPL developers in decentralized finance (DeFi) and real-world asset (RWA) tokenization. This move is set to drive innovation, expand the network’s utility, and increase its reach.
The announcement of the XRPL EVM Sidechain began with the statement, “The future of blockchain is multi-chain, and the Ripple team is introducing Ethereum Virtual Machine (EVM) compatibility to XRP Ledger (XRPL).” The sidechain will be launched with Axelar serving as the bridge to facilitate the native gas token of the sidechain (eXRP) from the XRPL.
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