Ripple, the cryptocurrency company, has recently filed a trademark application for the phrase “RLUSD,” which is believed to be the symbol for its upcoming stablecoin tied to the US dollar. The application was submitted to Justia, a US legal database, on May 7. While Ripple has not officially announced the stablecoin, industry insiders speculate that this move is in preparation for its launch in 2024.
The trademark filing confirms the speculation that “RLUSD” will indeed be the ticker symbol for Ripple’s stablecoin. It outlines the intended use of RLUSD in electronic financial services, specifically for transactions involving the receipt and distribution of payments in virtual currency. This includes digital tokens that are pegged to a fiat currency and conducted over a computer network, essentially referring to a stablecoin.
However, the choice of “RLUSD” as the symbol has received mixed reactions within the crypto community. Some critics believe that alternatives like “USDX” or “USDR” would have been better choices, suggesting that they would be more appealing to retail consumers than RLUSD.
The expectation for “USDR” stems from the initial “R” in Ripple’s name, while the anticipation for “USDX” is linked to Ripple’s plan to launch the stablecoin on the XRP Ledger. However, the Flare Networks team recently introduced “USDX” as their native stablecoin, backed 1:1 with USD and secured by Hex Trust, a prominent custodian for digital assets. This effectively eliminates the possibility of Ripple using the USDX designation.
Furthermore, “USDR” is already in use by Real USD, making it unavailable for Ripple’s stablecoin. With both USDX and USDR taken, Ripple likely settled on RLUSD for their project.
Ripple’s decision to pursue a stablecoin initiative was announced in early April, as the company aims to capture a significant portion of the market. The stablecoin market is projected to reach a valuation of nearly $3 trillion in the coming years, compared to its current value of $161 billion. The trademark application aligns with Ripple’s efforts to ensure a successful debut of its stablecoin later this year.
It is important to note that this article is for informational purposes only and should not be considered financial advice. The views expressed in this article are solely the author’s opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions, and The Crypto Basic is not liable for any financial losses incurred.
