Ripple's CEO Brad Garlinghouse announced at Korea Blockchain Week that their U.S.-dollar pegged stablecoin, Ripple USD (RLUSD), will launch in "weeks, not months." RLUSD will be fully backed by U.S. dollar assets and is designed to improve upon opportunities presented by disruptions in the stablecoin market, particularly following USD Coin's depeg earlier this year.
"We felt like there was an opportunity for a credible player already working with lots of financial institutions to lean into that market," Garlinghouse remarked, explaining Ripple's strategic timing for the launch of RLUSD. This response comes after USD Coin's challenges, indicating their confidence in stablecoin viability.
In April, Ripple laid out plans for RLUSD to be "100% backed by U.S. dollar deposits, short-term U.S. government Treasuries and other cash equivalents," underscoring their commitment to a secure and trustworthy digital asset, especially in a volatile financial landscape.
With RLUSD, Ripple aims to leverage the institutional strengths of its XRP Ledger, along with Ethereum's capabilities, to facilitate on-chain exchanges and token issuance, enhancing the overall functionality and interoperability within decentralized finance.
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