Brad Garlinghouse’s speech on Wednesday reveals that the Ripple stablecoin RLUSD will launch in a few weeks rather than the longer expected duration.
The wait for a native stablecoin on the XRP Ledger could end in no time after Ripple’s CEO Brad Garlinghouse gave a morale-boosting update on the stablecoin. Garlinghouse adjusted the timeline for the RLUSD launch, noting it will launch sooner than expected.
While speaking at the Korean Blockchain Week on Wednesday, the Ripple boss noted that the stablecoin will make its market debut in “weeks, not months.” This assertion further excited the XRPL community, which has long anticipated the RLUSD stablecoin.
The Ripple USD proposal came in March when the second-largest stablecoin in the crypto sector, USDC, depegged. The scare propelled Brad and Ripple to nurture the idea of providing a USD-pegged asset supported by one of the most prominent players in the sector.
Ripple USD Backed by US Dollar Assets
Garlinghouse revealed that US dollar assets will fully back the RLUSD. According to the Ripple CEO, assets like US dollar deposits, short-term Treasury bills, and other cash equivalents would hedge the RLUSD, following the footprint of popular stablecoins like USDT and USDC.
Notably, the Terra UST depeg in 2022 has caused investors to prefer fiat and crypto-backed stablecoins over algorithmic stablecoins. The Terra collapse caused a wider market capitulation, wiping billions of dollars from the cryptocurrency sector in days.
The RLUSD is in the test beta stage, as Ripple is privately experimenting with the stablecoin. A report from The Crypto Basic showed that Ripple minted 185 RLUSD in its Treasury on August 21.
Ripple USD will be deployed on the XRP Ledger and the Ethereum network, broadening its usability. The stablecoin will leverage the Ethereum ERC-20 standard, bringing new features to the XRPL.
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Source: https://thecryptobasic.com/2024/09/05/ripple-ceo-reveals-timeline-for-rlusd-to-launch/?utm_source=rss&utm_medium=rss&utm_campaign=ripple-ceo-reveals-timeline-for-rlusd-to-launch