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- Along with XRP’s function in smaller transactions, Ripple’s RLUSD aims to improve international transactions backed by dollars.
- Ripple introduces Ethereum-compatible sidechains to XRPL, combining Ethereum’s programmability with XRP Ledger’s scalability and low costs.
Ripple has announced plans for its new stablecoin, Ripple USD (RLUSD), which will initially be available in countries or territories outside of the United States where Ripple has already obtained a license. Ripple President Monica Long made the statement during a recent interview with a Japanese media outlet.
She stated that after this initial launch, Ripple will look at entering more markets, with Japan being one of the possible targets due to its high adoption prospects for RLUSD.
Coindesk Japan 🇯🇵 just published their interview with @Ripple President Monica Long today.
3 standout points;
1. Ripple USD (stablecoin) will first appear in countries or regions outside the United States where it already has a license. Following our initial issuance, we will be… pic.twitter.com/47k0Ajag5Y— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) September 26, 2024
Ripple’s Legal Victory Sets the Stage for RLUSD Global Expansion
Before establishing RLUSD, Ripple won a substantial legal struggle with the United States Securities and Exchange Commission (SEC), with the court ruling that XRP is not a security. This decision brought legal clarity to the cryptocurrency market, allowing Ripple to expand its services.
Monica Long hailed this triumph as a turning point moment for Ripple, allowing it to strengthen its footprint in the US market, despite the fact that the majority of its growth continues to come from outside the US, particularly in the Asia-Pacific area.
One of Ripple’s primary objectives is to include RLUSD as part of an effective cross-border settlement solution. A trustworthy and open stablecoin will result from the full backing of RLUSD by US dollars and their equivalents in other currencies.
Within the Ripple ecosystem, RLUSD is expected to play an important role in increasing transaction liquidity and efficiency. Monica Long stated:
“RLUSD is not intended to replace XRP, but to supplement it. While XRP will continue to be used for lower market-cap assets, RLUSD will be an effective vehicle for larger transactions.”
Ripple has lofty intentions to add Ethereum interoperability to the XRP Ledger. This means that Ethereum developers will be able to use XRP as a gas token on sidechains that are compatible with the Ethereum Virtual Machine (EVM).
This interface provides developers with additional chances to implement financial solutions and decentralized applications (DeFi) on the XRPL, using XRP’s scalability and efficiency.
Japan stands out as one of Ripple’s most potential markets, given to its long-standing cooperation with the SBI Group. As we previously reporeted, Ripple and SBI have worked together on a number of projects, including the creation of a digital NFT wallet for Expo 2025 in Osaka, which highlights Ripple’s potential acceptance in Japan’s corporate sector.
Furthermore, SBI Remit, a part of the SBI Group, has been providing international remittance services since 2017, using XRP as a bridge currency to enable quick and cost-efficient transactions.
