Ripple Aims for Stablecoin Market with RLUSD Trademark

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Ripple has filed a new trademark for the phrase “RLUSD,” indicating the likely listing symbol for its proposed dollar-based stablecoin. The application, lodged with Justia, a U.S. legal database, on May 7, suggests Ripple’s intention to introduce this stablecoin in 2024. Despite the absence of a formal announcement, the crypto community speculates that this trademark move is related to Ripple’s forthcoming stablecoin.

RLUSD Likely Ticker Symbol For Ripple’s Stablecoin

The trademark application hints that RLUSD will be the ticker symbol for Ripple’s stablecoin. It specifies RLUSD’s use in electronic financial services, particularly for monetary transactions involving virtual currency payments. This includes digital tokens pegged to a fiat currency, all conducted over a computer network, essentially defining a stablecoin.

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However, Ripple has not yet been granted the RLUSD trademark. Meanwhile, the choice of the term “RLUSD” has sparked mixed reactions within the community. Some members have criticized the choice as “terrible,” arguing that alternatives like USDX or USDR would be more appealing to retail consumers.

Why Ripple Cannot Use USDX or USDR

The anticipation for the name “USDR” stemmed from the initial “R” in Ripple’s name, while the expectation for “USDX” arose from Ripple’s plan to launch the stablecoin on the XRP Ledger. However, Flare Networks recently introduced “USDX” as the first native stablecoin on their blockchain, backed 1:1 with USD and secured by Hex Trust, an institutional custodian for digital assets.

Consequently, the USDX designation is not an option for Ripple’s stablecoin. Similarly, “USDR” is already in use by Real USD, making it unavailable for Ripple. With both USDX and USDR taken, Ripple likely chose RLUSD for its stablecoin project.

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Ripple’s pivot towards stablecoin aims to capture a significant market share, which is projected to reach nearly $3 trillion in the coming years, up from the current $161 billion. The trademark application aligns with behind-the-scenes efforts to ensure the stablecoin’s successful debut later this year.