San Francisco-based payments company Ripple has rolled out a new webpage for its upcoming dollar-pegged stablecoin.
The firm says on the new page that Ripple USD (RLUSD) will be issued on the XRP Ledger and the Ethereum (ETH) blockchain.
Ripple notes the stablecoin will be fully backed by cash and cash equivalents and redeemable on a 1:1 basis for US dollars. The company also acknowledges that Ripple USD’s availability “will be subject to regulatory approval.”
Ripple adds that RLUSD will be a “regulatory-compliant stablecoin.”
The payments firm first announced plans for the new asset back in April. In a court filing in May, the U.S. Securities and Exchange Commission (SEC) argued that the planned stablecoin represented a “new unregistered crypto asset.”
The court filing was related to the SEC’s ongoing lawsuit against Ripple, which kicked off when the regulator sued the firm in late 2020 for allegedly selling XRP as an unregistered security.
Last year, US District Judge Analisa Torres handed Ripple a partial victory when she ruled that the company’s automated, open-market sales of XRP did not constitute security offerings, contrary to what the SEC alleged.
The judge did, however, side with the SEC’s claim that Ripple’s sales of XRP directly to institutional buyers were securities offerings.
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