Ripple CEO Brad Garlinghouse announced the name of Ripple’s new stablecoin RLUSD at the XRPL Community Summit in Amsterdam on June 12. Ripple also introduced significant updates to the XRP Ledger (XRPL).
At the XRPL Community Summit keynote address, Garlinghouse revealed Ripple’s new stablecoin, named $RLUSD. He stated, “I like to call it real USD… Ripple USD.”
Additionally, Ripple emphasized the multi-chain future vision of blockchain technology and today announced the launch of XRPL EVM sidechain, bringing Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger.
The XRPL EVM sidechain is expected to unlock numerous opportunities for developers, especially in the areas of decentralized finance (DeFi) and tokenization of real-world assets (RWA). By achieving EVM compatibility, Ripple aims to drive innovation and enhance the network’s coverage and usability.
Integrating the XRPL EVM sidechain into the mainnet involves the use of bridging technology, where packaged XRP (eXRP) will serve as the native asset and gas token. This ensures seamless asset transfer between XRPL and the EVM sidechain, thereby improving interoperability and transaction efficiency.
Ripple has chosen Axelar as the sole bridge for the XRPL EVM sidechain to obtain the native gas token (eXRP). Axelar will also facilitate bridging between other alternative tokens and the XRPL mainnet, as well as its network of over 55 blockchains.
The announcement of $RLUSD stablecoin and XRPL EVM sidechain by Ripple represents significant progress in the blockchain space. These developments not only enhance the functionality and interoperability of XRPL but also establish Ripple as a key player in the evolving digital currency landscape.