XRP Ledger, the blockchain supported by the payment company Ripple, has announced the official name of its upcoming sidechain as «XRPL EVM Sidechain» and stated that its launch will be carried out using Axelar as the exclusive bridge protocol.

The Axelar compatibility platform will allow users to exchange their XRP for wrapped XRP (eXRP), which will also be used as the native token for gas fee payments on the sidechain.

Ripple stated that using Axelar will «simplify» the user experience and enhance security. The company also praised Axelar's achievements and its integration with major projects like Uniswap and Microsoft.

The switch to Axelar means abandoning the previously proposed cross-chain bridge XLS-38. Ripple noted that the current process with XLS-38 is «difficult».

This announcement followed the company's introduction of a new fund to support the development of its blockchain in Japan and Korea as part of its commitment of 1 billion XRP to developers using XRPL. Two months ago, Ripple also announced its upcoming stablecoin, pegged to the dollar, which will be launched on XRP Ledger and Ethereum later this year.

At the ongoing XRP Ledger Apex event in Amsterdam, Ripple CEO Brad Garlinghouse stated that the ticker of the new Ripple stablecoin — RLUSD — will stand for «real US dollar».