Ripple is preparing to launch its stablecoin, RLUSD, on multiple layer-2 platforms.
The payments firm says it is partnering with the multichain interoperability protocol Wormhole (W) and plans to begin testing Ripple USD on Optimism (OP), Base, Ink and Unichain.
RLUSD launched in mid-December 2024 and is available on Ripple’s XRP Ledger and the Ethereum (ETH) blockchain. The stablecoin, which aims to maintain a 1:1 ratio with the US dollar, has a $1.31 billion market cap at time of writing.
Ripple notes it will utilize Wormhole’s Native Token Transfers (NTT) standard, which will allow the firm to maintain native issuance and control of RLUSD as it expands to new layer-2 ecosystems.
Jack McDonald, Ripple’s senior vice president of stablecoins, says RLUSD’s expansion aims to bring people into the fold of the digital asset economy.
“By launching RLUSD — the first US trust regulated stablecoin on these L2 networks — we are not just expanding utility; we are setting the definitive standard where compliance and on-chain efficiency converge.”
RLUSD holds a trust company charter issued by the New York Department of Financial Services (NYDFS). Ripple has also applied for a charter for the stablecoin from the Office of the Comptroller of the Currency (OCC).
XRP is trading at $1.89 at time of writing. The 5th-ranked crypto asset by market cap is down nearly 5% in the past 24 hours.
Follow us on X, Facebook and Telegram
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Surf The Daily Hodl Mix
Featured Image: Shutterstock/A. Solano/Nikelser Kate
