Ripple Labs has recently filed a trademark for 'RLUSD,' which the crypto community believes will be the ticker symbol for its proposed dollar-based stablecoin.

Ripple filed the trademark application on May 7 to the U.S. legal database Justia. Although Ripple has not officially announced the move, the crypto community is abuzz with discussion around the implications of this new development.

Ripple's Trademark Application

Ripple's trademark application for 'RLUSD' suggests its use in electronic financial services, which will pertain to handling monetary transactions in virtual currency.

The description includes services for receiving and distributing payments in digital tokens pegged to fiat currency, essentially defining it as a stablecoin.

The trademark application by Ripple states, 'The Protocol connects a swapper on one side and an automated market-making function coded into the autonomous Protocol on the other.'

That indicates a robust framework ensuring liquidity and stability, which are crucial components for any stablecoin's success.

Community Reactions

However, not everyone seems to approve of the 'RLUSD' as the ticker symbol. One community member writes, 'Clearly not to attract retail. It doesn't even flow right. USDR sounds much better.'

Many echoed this sentiment, arguing that alternatives like 'USDX' or 'USDR' would have been more appealing and recognizable to retail consumers.

The anticipation for names like 'USDR' comes from Ripple's name, while 'USDX' was expected due to Ripple's plans to deploy the stablecoin on the XRP Ledger.

However, 'USDX' is already utilized by Flare Networks for their native stablecoin backed 1:1 with USD and secured by Hex Trust, and 'USDR' is in use by Real USD. These existing designations likely influenced Ripple's decision to opt for 'RLUSD.'

Strategic Market Move

According to crypto experts, Ripple intends to capitalize on the growing stablecoin market by launching its RLUSD later this year.

'The current market value of the stablecoin market is $161 billion.'

This market is estimated to grow almost 18 times by 2024 to nearly $3 trillion. Earlier in April, Ripple announced a pivot to stablecoins to capture a large slice of the market, projected to reach a valuation close to $3 trillion.

The anticipation and excitement surrounding Ripple's move into stablecoins highlight the growing importance of this financial instrument in the cryptocurrency market.