Ripple has recently filed a trademark for “RLUSD,” the proposed ticker symbol for its forthcoming dollar-based stablecoin. This application, lodged with Justia, a U.S. legal database, on May 7, hints at the stablecoin Ripple aims to launch in 2024.
Ripple’s “RLUSD” Sparks Speculations and Criticisms
In the light of this development, speculations are rife in the crypto community that the trademark filing might connote a closer timeline for the Ripple stablecoin. However, Ripple has maintained sealed lips as to this speculations.
This is despite confirmation from the application which specifies its use in electronic financial services, focusing on transactions involving virtual currency pegged to fiat money. The definition essentially implies a stablecoin.
The choice of “RLUSD” has elicited mixed reactions from the crypto community. The reactions border on the name choice. Some critics argue that names like “USDX” or “USDR” would have been more appealing and marketable.
The speculation around “USDR” stems from the initial “R” in Ripple, while “USDX” was considered due to Ripple’s plan to launch the stablecoin on the XRP Ledger. Many community members believe that “USDX” and “USDR” would be better alternatives.
Naming Challenges and Ripple’s Market Positioning
However, these names were already claimed. Flare Networks has launched “USDX” as its native stablecoin on its blockchain, and “USDR” is in use by Real USD. These existing trademarks according to brand experts left Ripple with limited naming options, leading to the choice of “RLUSD.”
Notably, Ripple indicated interest towards stablecoin to capture a significant portion of a market projected to reach nearly $3 trillion in value. Analysts maintain that by securing “RLUSD,” Ripple is positioning itself strategically within the regulatory framework and prepares for competitive market entry. The current market value stands at $161 billion, highlighting the substantial growth potential.
Ripple’s trademark application aligns with its strategic efforts to ensure the stablecoin’s successful launch later this year. Thus, the filing of the trademark indicates Ripple’s serious commitment to entering the stablecoin market.
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