Ripple Unveils New Stablecoin and EVM Sidechain

Ripple, the XRP developer, revealed the introduction of a fresh stablecoin named Ripple USD (RLUSD) at the XRP Ledger Community Summit in Amsterdam. This significant announcement was delivered by Brad Garlinghouse, Ripple's CEO, who disclosed that RLUSD would be initially accessible on the XRP Ledger and Ethereum blockchains. The stablecoin is set to be pegged to the US dollar at a 1:1 ratio.

Garlinghouse referred to the Ripple stablecoin as RLUSD, alternatively dubbed Real USD or Ripple USD. He emphasized that RLUSD will complement the broader XRP ecosystem, without specifying the exact launch date. The company's official communication indicated that RLUSD is slated to debut later this year.

Apart from the stablecoin development, Ripple's subsidiary RippleX introduced the XRPL EVM Sidechain initiative. This sidechain project aims to enable compatibility with the Ethereum Virtual Machine (EVM) on the XRP Ledger, presenting new possibilities for developers within the XRP ecosystem, particularly in DeFi and asset tokenization sectors.

The XRPL EVM sidechain will be linked to the XRPL mainnet using a bridge that utilizes wrapped XRP (eXRP) as the native asset and gas token.

Please note that this content does not constitute investment advice.