- Signifying a new stablecoin based on the dollar, Ripple files the trademark RLUSD.
- XRP is priced at $0.5349, up 6.66% in the last week.
By registering a new trademark for the term “RLUSD,” Ripple has moved a big step closer to introducing its planned dollar-based stablecoin. This May 7 trademark registration filed with the U.S. legal database Justia suggests the stablecoin’s potential listing symbol, which was echoed by crypto influencer Good Morning Crypto.
While Ripple hasn’t officially announced anything, the cryptocurrency world is speculating that this is in line with their plan to launch the stablecoin in 2024.
🚨NEW: RIPPLE TO NAME NEW USD STABLECOIN — “RLUSD”💥🚀
Ripple’s Latest Trademark, Filed May 7 2024, Hints At A Stabelcoin Potencially Being Label — “RLUSD” !! 🌎💸
Does This Stand For Ripple Labs USD? 🤔💭
Trademark Filing: https://t.co/v8zRbfeqOx
Comment Below & Follow For… pic.twitter.com/3LxgfIiVWS
— Good Morning Crypto (@AbsGMCrypto) May 21, 2024
Particulars of the RLUSD Trademark and Community Responses
The RLUSD trademark application, which describes its applicability in electronic financial services for monetary transactions, including virtual currency payments, validates the rumours. This covers digital tokens linked to fiat money, hence defining a stablecoin.
Though the choice of this word has generated conflicting responses among community members, Ripple has not yet been awarded the RLUSD trademark. Some have questioned the decision, arguing that better and maybe more enticing to ordinary buyers, options like USDX or USDR would have been available.
Why USDX or USDDR Are Not Usable by Ripple
Although “USDX” was anticipated because of Ripple’s intention to introduce the stablecoin on the XRP Ledger, the excitement over the moniker “USDR” comes from the first “R” in Ripple. But Flare Networks has introduced “USDX” as their own stablecoin, backed 1:1 by USD and guaranteed by Hex Trust, a top institutional custodian of digital assets.
This move renders the stablecoin from Ripple ineligible for the USDX moniker. For its stablecoin initiative, Ripple had to agree on RLUSD because Real USD already uses “USDR.”
Market Strategy of Ripple and Current Events
In an attempt to seize a sizable chunk of a market expected to be valued at about $3 trillion in the next few years, Ripple launched its move towards stablecoins in early April. Stablecoin market size is $161 billion at the moment.
CoinMarketCap data, in the meantime, shows that the price of XRP at the time of writing is about $0.5349, slipping 1.18% from the last 24 hours. But for the last week, XRP has been trending upward, rising by 6.66%. Furthermore, as CNF reports, Ripple has created a local fund to assist initiatives in Brazil using the XRP Ledger.
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