- The CEO of Ripple Labs (responsible for XRP), Brad Garlinghouse, has announced that the team’s upcoming stablecoin, RLUSD, is just around the corner.
- Speaking at a Korean blockchain conference, Garlinghouse suggested that RLUSD could go live in a matter of weeks.
- The news comes as Ripple announced they are integrating Ethereum-capable smart contracts onto the XRPL network, giving a boost to developers.
- The hope is for XRP Ledger to mirror the success of Ethereum as a one-size-fits-all Web3 ecosystem.
Earlier this year, Ripple Labs (developers of XRP Ledger and XRP) announced they are releasing a stablecoin native to their blockchain network – Ripple USD. The news was exciting for the community, demonstrating the team’s dedication to building utility on its platform. Many expected a 2025 release – but according to CEO Brad Garlinghouse, Ripple’s USD-pegged stablecoin might be closer than we think.
Related: Rumour: UAE, India May Use XRP For Oil Trade Amid New Ripple Partnership in Middle East
RLUSD Could Be Live Before the End of September
Attending Korea’s Blockchain Week, the head of Ripple Labs took centre stage to make an announcement.
We will certainly launch soon. Weeks, not months…We felt like there was an opportunity for a credible player already working with lots of financial institutions to lean into that market.
Brad Garlinghouse Ripple’s decision to enter the stablecoin game came on the back of Circle’s USD – the second-biggest tokenised asset in the market – de-pegging earlier this year.
Ripple’s products are widely used by banks and other financial institutions to facilitate cross-border payments with near-instant settlement and low fees. Therefore, the team already has the infrastructure to support a large-scale USD-pegged stablecoin.
RLUSD Part of Grander Plans to Build XRP Ledger Into Sprawling Web3 Ecosystem
Earlier this week, the CEO hit up social media to announce that the stablecoin’s native network, XRP Ledger, will begin integrating Ethereum-compatible smart contracts.
This will theoretically improve the capabilities of developers on XRP Ledger, allowing them to build decentralised apps using industry-recognised coding languages like Solidity. This could provide a boost to the functionality of Ripple USD, providing the framework for decentralised exchanges and other platforms to utilise the stablecoin.
Related: Pro-Crypto John Deaton Ready to Take on Elizabeth Warren, Winning GOP Nomination
It’s clear that Ripple Labs is leaning into the DeFi ecosystem success that platforms like Solana, Ethereum and Tron have seen over the past 12 months. Whether they can compete with this market, or if they should stick to their bread and butter – cross-border payments – remains to be seen.
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