- Ripple CTO said that RLUSD will be issued on the ETH main chain and XRPL.
- The stablecoin industry is expected to rise from $150 billion to $2.9–$3 trillion by 2028.
- Ripple’s stablecoin is an attempt to capitalize on the rising demand.
American fintech firm Ripple recently confirmed plans to launch a new stablecoin, RLUSD, on both the XRP Ledger and the Ethereum main chain. The company cited the growing demand for stablecoins and its own expertise in cross-border payments as key drivers behind this move.
The firm’s CTO, David “JoelKatz” Schwartz confirmed the stablecoin being issued on the Ethereum main chain.
He had previously mentioned the RLUSD token would be issued on both the XRP Ledger and Ethereum. However, an X platform user alluded that the executive had not clarified on whether the stablecoin would launch on the Ethereum main chain or the XRPL EVM sidechain.
Ripple CTO David “JoelKatz” Schwartz clarified in response that the stablecoin would indeed debut on both the XRP Ledger and the Ethereum main chain. The Ethereum main chain is known for its occasional congestion and high gas fees, but recent upgrades, such as the Merge, have alleviated some of these concerns.
Reece Merrick, Ripple’s Managing Director for the Middle East and Africa, emphasized the company’s decade-long experience in building cross-border payment systems, positioning Ripple to leverage this infrastructure for stablecoin transfers.
Merrick believes that Ripple’s RLUSD is a crucial addition to the stablecoin industry, which he projects will grow from its current valuation of $150 billion to $2.8–$3 trillion by 2028. He stressed the need for regulated businesses like Ripple to maintain user trust in this expanding market.Meanwhile, as per CoinMarketCap, the trading volume of the XRP token has surged by 229.44% in the past 24 hours, while the token’s price at the time of writing is $0.4929, 87.15% lower than its all-time high of $3.84 witnessed six years ago.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
