Ripple has taken a significant step towards introducing its planned dollar-based stablecoin by filing a trademark for the term “RLUSD.” The trademark application, filed on May 7, suggests that the stablecoin could be listed under the symbol RLUSD. While Ripple has not made an official announcement, there is speculation in the cryptocurrency community that this move aligns with their plan to launch the stablecoin in 2024.
The RLUSD trademark application confirms that it will be applicable in electronic financial services for monetary transactions, including virtual currency payments. This validates the rumors that Ripple is developing a stablecoin linked to fiat money. However, the choice of the RLUSD name has generated mixed responses from the community. Some argue that alternatives like USDX or USDR would have been more appealing to ordinary buyers.
Ripple’s decision to avoid using USDX or USDR is due to existing trademarks and initiatives. Flare Networks has already introduced a stablecoin called USDX, which is backed 1:1 by USD and guaranteed by Hex Trust. Additionally, Real USD already uses the USDR symbol, making it unavailable for Ripple’s stablecoin.
Ripple’s move towards stablecoins is part of its strategy to capture a significant share of the market, which is projected to be worth around $3 trillion in the coming years. The current size of the stablecoin market is $161 billion. In terms of XRP, the price is currently $0.5349, experiencing a slight decrease of 1.18% in the last 24 hours. However, over the past week, XRP has shown an upward trend, rising by 6.66%.
In addition to its stablecoin initiative, Ripple has also established a local fund to support initiatives in Brazil using the XRP Ledger.
