Recent developments around the XRPL EVM sidechain and the new Ripple stablecoin RLUSD open new horizons for the XRP ecosystem. These achievements signify significant progress in XRP's use within decentralized finance.
What is XRPL EVM Sidechain?
The XRPL EVM sidechain is a parallel blockchain network connected to the XRP Ledger. It is designed to be compatible with the Ethereum Virtual Machine (EVM), enabling seamless deployment of Solidity-based decentralized applications (dApps).
Growth of XRPL EVM Sidechain's TVL
The XRPL EVM sidechain has surpassed $105 million in Total Value Locked (TVL), signifying its importance to the XRP ecosystem. With high throughput and interoperability, XRPL is establishing itself as a next-generation decentralized finance (DeFi) hub. Key projects supporting TVL growth include Strobe, Secured, and Vertex.
BNY Mellon and RLUSD: A New Level for XRP
Ripple has named Bank of New York Mellon as the primary custodian for reserve assets behind its stablecoin Ripple USD (RLUSD). This collaboration aims to enhance Ripple's regulatory standing and increase institutional confidence in stablecoins. Regarding XRP's role, it serves as a liquidity bridge for transactions related to RLUSD.
BNY Mellon's appointment as the primary custodian for RLUSD strengthens the XRP ecosystem. The institutional growth of RLUSD promotes wider XRPL usage and enhances XRP’s role as fuel for on-ledger activities.
