Ripple, a well-known American fintech company, has recently announced its intention to launch a new Stablecoin cryptocurrency known as RLUSD. This exciting development will be rolled out on both the XRP Ledger and the popular Ethereum main chain, a strategic move fueled by the increasing demand for stablecoins and Ripple’s vast expertise in cross-border transactions.
David “JoelKatz” Schwartz, the Chief Technology Officer at Ripple, has confirmed that RLUSD will be issued on the Ethereum main chain. Initially, there was uncertainty regarding whether the token would also be introduced on the XRP Ledger or the XRPL EVM side chain, but a user on platform X sought clarification on this matter. In response, Schwartz clarified that RLUSD will indeed be launched on both the XRP Ledger and the Ethereum main chain.
Despite the Ethereum main chain’s known congestion issues and high gas fees, Ripple’s decision to utilize it reflects their confidence in recent improvements brought about by the Merge event. These updates have addressed some previous concerns regarding network resource consumption.
Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, emphasized the company’s extensive experience over the past decade in developing robust systems for cross-border payments. According to Merrick, this knowledge positions Ripple uniquely to facilitate efficient and secure transfers using RLUSD.
Ripple’s venture into the stablecoin realm with RLUSD on Ethereum not only underscores their dedication to innovation in the payment sector but also signifies a strategic expansion that could benefit global users by offering the convenience and stability that stablecoins bring to international financial transactions.
Disclaimer: The opinions expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
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