New XRPL Startup by Former Ripple Employee to Use RLUSD

New XRPL Startup by Former Ripple Employee to Use RLUSD

A new startup on the XRP Ledger, spearheaded by former Ripple staffer Bias Goose, will utilize RLUSD as its primary financial rail. Though the project remains unnamed, Goose has been sharing details about its development since early August.

RLUSD as the Financial Backbone

According to public posts by Goose, the newly emerging project aims to rely on RLUSD without issuing its own token or providing artificial incentives. The announcement hints at a launch timeframe around September, though no firm date has been set. Goose previously noted that the startup will tap into a traditionally resistant sector to blockchain, suggesting plans to onboard participants from this industry.

Unverified Yields and Economic Claims

Despite ambitious claims regarding potential yields surpassing U.S. Treasury rates, the specifics of these returns are still under wraps. Goose has proclaimed that the project intends to generate “real yield” without the need for an additional token, but the lack of detail regarding economic frameworks and project partners raises questions.

Current Status of RLUSD

As of August 6, Ripple reported that nearly $1.6 billion of RLUSD was in circulation, backed by over $1.7 billion in reserve funds. The issuer, Standard Custody & Trust Company, operates under regulation from the New York Department of Financial Services. Furthermore, Ripple has been consistent in publishing monthly third-party attestations regarding RLUSD’s supply and reserves.

Looking Ahead

The next significant milestone for this startup is the full project reveal, which Goose indicated could occur in early September. However, without confirmed details on counterparties, expected returns, or how RLUSD will integrate within the business model, much remains uncertain. Potential adoption of the XRP token also hangs in the balance, as Goose has stated the model would function without incentives or tokens.

As developments unfold, stakeholders and observers will be keen to see the actualization of Bias Goose’s vision and how RLUSD will play a pivotal role in the project.