Ripple CEO Announces New Stablecoin RLUSD At XRP Ledger Community Summit

According to BlockBeats, Ripple's CEO, Brad Garlinghouse, announced the name of Ripple's new stablecoin as RLUSD. The announcement was made at the XRP Ledger Community Summit held in Amsterdam on June 12. The introduction of RLUSD marks a significant development in Ripple's portfolio. Stablecoins have gained popularity in the cryptocurrency market due to their ability to provide stability in a volatile market. They are typically pegged to a stable asset, such as a specific amount of a fiat currency, which helps to maintain their value. Further details about the new stablecoin, including its launch date and specific features, were not disclosed during the announcement. The impact of this new addition on Ripple's operations and the broader cryptocurrency market remains to be seen.