Ripple has taken a significant step towards launching its planned dollar-based stablecoin by filing a trademark for the term “RLUSD.” The registration, filed on May 7, suggests that the stablecoin may be listed under this symbol. While Ripple has not made an official announcement, the cryptocurrency community speculates that this move aligns with their plan to introduce the stablecoin in 2024.
The RLUSD trademark application confirms the rumors surrounding Ripple’s stablecoin. It specifies that the trademark is applicable to electronic financial services for monetary transactions, including virtual currency payments. This indicates that the stablecoin will be a digital token linked to fiat money, making it a stablecoin.
However, the choice of the RLUSD name has sparked mixed reactions among community members. Some argue that alternatives like USDX or USDR would have been more appealing to ordinary buyers. Ripple’s decision to opt for RLUSD may have been influenced by the fact that Flare Networks has already introduced a stablecoin called “USDX,” which is backed by USD and guaranteed by Hex Trust. Additionally, the name “USDR” is unavailable as it is already being used by Real USD.
Ripple’s move towards stablecoins is part of its market strategy to capture a significant share of the anticipated $3 trillion market in the coming years. The current market size for stablecoins is $161 billion. In terms of XRP’s price, it is currently valued at $0.5349, showing a slight decrease of 1.18% in the last 24 hours. However, XRP has experienced an upward trend over the past week, with a rise of 6.66%. Alongside this, Ripple has established a local fund to support initiatives in Brazil using the XRP Ledger, as reported by CNF.