Ripple Launches Microsite to Promote Its Forthcoming Dollar-Pegged Stablecoin RLUSD

Ripple USD (RLUSD) will be issued on the Ethereum (ETH) blockchain and the XRP Ledger, according to the organization's new website.

Payments corporation Ripple, which is headquartered in San Francisco, has unveiled a new microsite to promote its upcoming dollar-pegged stablecoin.

According to the organization’s new website, Ripple USD (RLUSD) will be issued on both the Ethereum (ETH) blockchain and the XRP Ledger.

Ripple states that the stablecoin will be fully backed by cash equivalents and currency and will be redeemable for US dollars without any conditions. The company also notes that the availability of Ripple USD “is subject to regulatory approval.”

Ripple states that RLUSD will be a “stablecoin designed to be regulatory compliant.” The payments company first revealed its plans for the new asset in April.

In a court filing in May, the U.S. Securities and Exchange Commission (SEC) argued that the proposed stablecoin is a “new unregistered crypto asset.”

The court filing was part of the SEC’s ongoing legal battle against Ripple, which began in late 2020. The regulator reportedly sued the company over the sale of XRP, which it claims is an unregistered security.

Last year, Ripple had a partial legal victory when U.S. District Judge Analisa Torres ruled that the company’s open-market, automated sales of XRP were not security offerings, despite the SEC’s claims.

However, the judge agreed with the SEC that Ripple’s direct sales of XRP to institutional investors were securities offerings.

Also Read: Donald Trump Wants US to Create Crypto to Beat China

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