Ripple Unveils Ticker For Upcoming Stablecoin In Trademark Filing
Ripple Labs Inc. has filed a trademark application that suggests “RLUSD” as the ticker for its upcoming dollar-based stablecoin. This development comes amid growing anticipation within the XRP community regarding the company’s new financial product, which aims to integrate seamlessly with On-Demand Liquidity (ODL), recently rebranded as Ripple Payments.
Details On Ripple’s RLUSD Trademark Filing
According to details from Justia Trademarks, the filing, identified under serial number 98537677, was made on May 7, 2024. This application is still in the early stages of processing, listed under the status “630 – New Application – Record Initialized Not Assigned To Examiner.” The attorney of record for this filing is Olivia Maria Baratta from Kilpatrick Townsend & Stockton LLP.
The filing specifies a broad range of financial services tied to this trademark, which include but are not limited to “monetary services for receiving and disbursing payments and gifts in virtual and digital currency and digital tokens of value determined by fiat currency over a computer network.” Moreover, the application covers “financial management and administration services, such as facilitating transfers of digital currency and electronic transmission of digital currency.”
This move by Ripple marks a significant step towards launching its stablecoin, which had been hinted at earlier this year. In April 2024, the company had expressed its intentions to delve into the stablecoin market, a strategic pivot aiming to harness a market sector that is projected to burgeon to a near $3 trillion valuation in the upcoming years.
The choice of RLUSD as a ticker symbol appears to be a tactical decision, influenced by the preoccupation of other potential tickers such as USDX and USDR by other entities. Flare Networks has already introduced USDX as a stablecoin on its blockchain platform, while USDR is currently utilized by Real USD. These circumstances presumably led Ripple to settle on the designation of RLUSD for its stablecoin initiative.
While the formal launch and full details of the stablecoin are still forthcoming, the trademark filing marks another major step for Ripple’s broad vision for a full-service crypto company. The company has yet to issue an official statement regarding the detailed features and launch timeline for RLUSD.
As previously revealed, the primary motivation for introducing a stablecoin and integrating it with its payment platform is to enhance its Ripple Payments solution for cross-border transactions. The stablecoin will enable US based customers to leverage stablecoin for international payments through Ripple Payments, as an alternative to using XRP.
“I see stablecoins as a complement or even an accelerant to what Ripple’s doing at its core,” Garlinghouse remarked during a recent interview with the CEO of SCB 10X.
At press time, XRP traded at 0.53379.
