Bitrabo Editorial
Ripple Labs Inc. has submitted a trademark request indicating “RLUSD” as the symbol for its upcoming stablecoin tied to the U.S. dollar. This announcement arrives amidst growing excitement within the XRP community regarding the company’s new financial offering, designed to seamlessly integrate with On-Demand Liquidity (ODL), now known as Ripple Payments.
Insights into Ripple’s RLUSD Trademark Submission
The filing, assigned serial number 98537677, was lodged on May 7, 2024, as per information from Justia Trademarks. The application is currently in initial processing stages, marked under the status “630 – New Application – Record Initialized Not Assigned To Examiner.” The legal representative listed for the filing is Olivia Maria Baratta from Kilpatrick Townsend & Stockton LLP.
In the application, a wide array of financial services linked to this trademark are outlined, covering activities such as “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.” Additionally, services like “financial management and administration services, such as facilitating transfers of digital currency and electronic transmission of digital currency” are highlighted.
Ripple’s decision to file for this trademark signals a significant move towards launching its stablecoin, a step it had hinted at earlier in the year. In April 2024, the company had indicated its interest in entering the stablecoin market, a strategic shift aimed at tapping into a sector anticipated to reach nearly a $3 trillion valuation in the coming years.
The selection of RLUSD as the ticker symbol seems to be a deliberate choice, considering that other possible tickers like USDX and USDR are already in use by other entities. For instance, USDX has been introduced by Flare Networks on its blockchain platform, while Real USD utilizes USDR currently. These factors likely led Ripple to opt for RLUSD for its stablecoin venture.
Although the official launch date and comprehensive details of the stablecoin are pending, the trademark application represents a significant milestone for Ripple’s overarching strategy as a comprehensive crypto firm. The company is yet to release an official statement concerning the specific attributes and rollout schedule for RLUSD.
Previously unveiled motivations for introducing a stablecoin and integrating it into its payment ecosystem aim to enhance the Ripple Payments solution for cross-border transactions. This stablecoin will allow U.S.-based clients to make use of stablecoins for international payments through Ripple Payments, as an alternative to employing XRP.
“I see stablecoins as a complement or even an accelerant to what Ripple’s doing at its core,” Garlinghouse commented during a recent interview with the CEO of SCB 10X.
At the time of reporting, XRP was being traded at 0.53379.
