Ripple’s Choice Name For Underway Stablecoin Emerges, XRP Army Reacts
On May 7th, Ripple filed a trademark application for “RLUSD” with Justia, a legal database in the United States. This move has sparked speculation within the cryptocurrency community, suggesting it could be the ticker symbol for a forthcoming Ripple stablecoin pegged to the US dollar. While Ripple has yet to make an official announcement regarding the stablecoin, the trademark application hints at its potential launch in 2024.
RLUSD as the Likely Ticker Symbol
The details within the trademark application for “RLUSD” indicate its intended use in the realm of electronic financial services. Specifically, the filing describes its application in transactions involving virtual currency payments, including those pegged to fiat currencies.
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This description strongly aligns with the characteristics of a stablecoin, which typically functions on a computer network and maintains a 1:1 value with a designated fiat currency, such as the US dollar.
Community Reaction to “RLUSD”
The trademark application is yet to be awarded to Ripple. However, the chosen name has generated mixed reactions within the cryptocurrency community.
Some community members have expressed strong disapproval of “RLUSD,” suggesting alternative options like “USDX” or “USDR” would have been more fitting. These critics argue that the latter choices might resonate better with retail investors due to their familiarity.
Why Not “USDX” or “USDR”?
The preference for “USDR” likely stemmed from the initial “R” in Ripple’s name, potentially creating a sense of brand recognition. “USDX,” on the other hand, might have been favored due to the planned launch of the stablecoin on the XRP Ledger. However, these options are no longer available for Ripple.
The Flare Networks team has already introduced “USDX” as their native stablecoin, backed by the US dollar and secured by a reputable custodian. Similarly, “USDR” is already being used by another entity known as Real USD. These existing uses make it impossible for Ripple to adopt either option for its stablecoin.
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Ripple’s Move Towards Stablecoins
In early April, Ripple announced its strategic shift towards the stablecoin market, aiming to capture a share of a rapidly growing sector. Market analysts predict the stablecoin market to reach a valuation close to $3 trillion in the coming years, compared to its current size of $161 billion. The trademark filing for “RLUSD” aligns with Ripple’s ongoing efforts to ensure a successful launch of their stablecoin later in 2024.
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