XRP News: Ripple’s RLUSD Set for U.S. Launch After XRPL Improvements

The post XRP News: Ripple’s RLUSD Set for U.S. Launch After XRPL Improvements appeared first on Coinpedia Fintech News

The XRP Ledger (XRPL) recently implemented two significant upgrades, sparking excitement and speculation about their potential effects on Ripple’s stablecoin, RLUSD, and the broader ecosystem. On Friday, the upgrades—“fixEmptyDID” and “fixPreviousTxnID”—were backed by 31 validators, surpassing the required threshold for implementation.

Amendments fixPreviousTxnID and fixEmptyDID are now enabled on the xrpl mainnet. These amendments fix the behavior of ledger objects and the upcoming DID support respectively: https://t.co/MJJuIYP903 https://t.co/KubGbW5VsM

The “fixEmptyDID” upgrade aims to eliminate the creation of empty DID ledger entries, enhancing ledger efficiency by preventing unnecessary data storage. In contrast, the “fixPreviousTxnID” upgrade focuses on improving transaction tracking by adding critical fields to ledger entries, allowing for better tracing of transaction histories. 

However with this major upgrade now many are questioning if this will have any impact on Ripple’s RLUSD in the future. According to Monica Long, Ripple President both have different purposes and uses, RLUSD is aimed at institutional use, while XRP focuses on liquidity and transactions. As the XRP Ledger grows, the company may explore innovative ways to enhance its capabilities.

These enhancements are set to optimize XRPL’s capabilities, enabling more complex applications while streamlining operations. As Ripple beta-tests its stablecoin on both XRPL and Ethereum, attention shifts to how these upgrades may affect RLUSD’s functionality.

Ripple President Monica Long has indicated that the launch of RLUSD is anticipated this year, pending U.S. approval. She emphasized the stablecoin’s potential to address a broader range of use cases compared to XRP, with decentralized exchanges (DEXs) on XRPL poised to benefit from these developments.

In a lively chat with Coin Desk Japan, Ripple President Monica Long emphasized that the recent victory is a game-changer for the entire cryptocurrency industry. She highlighted how it clarifies U.S. legal rules and sets a new precedent.

Long noted that even before the SEC lawsuit, 40% of Ripple’s growth came from Asia, with most customers in the Asia-Pacific region. Post-ruling, the company has accelerated its expansion outside the U.S., but now, it’s also poised to make its products and services more accessible in the U.S. market. 

Overall, the recent upgrades could significantly strengthen the ecosystem for both RLUSD and XRP, enhancing their functionality and flexibility in various applications. As the anticipation builds around the launch of RLUSD, the XRPL community remains optimistic about these transformative changes.

Exciting times are ahead for Ripple!