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Ripple CEO unveils $RLUSD stablecoin and XRPL EVM sidechain at XRPL Community Summit.

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Ripple CEO unveils $RLUSD stablecoin and XRPL EVM sidechain at XRPL Community Summit.

Ripple CEO Brad Garlinghouse announced the name of Ripple's new stablecoin, RLUSD, at the XRPL Community Summit in Amsterdam on June 12. Ripple also introduced significant updates to the XRP Ledger XRPL.

Ripple Challenges USDT/USDC! Announces Launch of Compliant USD Stablecoin

$RLUSD: Ripple's New Stablecoin

During the keynote address at the XRPL Community Summit, Garlinghouse unveiled Ripple's new stablecoin, named $RLUSD. He stated, "I like to call it the real USD... Ripple USD."

EVM Compatibility and XRPL EVM Sidechain

Ripple Embraces a Multi-Chain Future

Furthermore, Ripple emphasized the vision of a multi-chain future for blockchain technology and announced today the launch of the XRPL EVM sidechain, bringing Ethereum Virtual Machine (EVM) compatibility to the XRP Ledger.

The XRPL EVM sidechain is expected to unlock numerous opportunities for developers, particularly in the decentralized finance (DeFi) and real-world asset tokenization (RWA) sectors. By achieving EVM compatibility, Ripple aims to drive innovation and enhance the network's coverage and utility.

Bridging XRPL and EVM Sidechain

Integrating the XRPL EVM sidechain into the mainnet involves the use of bridging technology, where wrapped XRP (eXRP) will serve as the native asset and gas token. This ensures seamless asset transfers between XRPL and the EVM sidechain, thereby improving interoperability and transaction efficiency.

Ripple has chosen Axelar as the sole bridge for the XRPL EVM sidechain to acquire the native gas token eXRP. Axelar will also facilitate bridging of other alternative tokens with the XRPL mainnet and its Axelar network of over 55 blockchains.

The announcement of $RLUSD stablecoin and XRPL EVM sidechain by Ripple represents significant advancements in the blockchain space. These developments not only enhance the functionality and interoperability of XRPL but also establish Ripple as a key player in the evolving digital currency landscape.