A former Ripple engineer known as Bias Goose has confirmed his secretive new XRP Ledger startup will run on RLUSD, Ripple's dollar-backed stablecoin, with a full reveal promised for early September. The project still has no name, white paper, or registered legal entity, and its claims of yields above U.S. Treasury rates remain unverified.
According to U.Today, Bias Goose posted on Aug. 16: "We will make RLUSD great again", confirming RLUSD as the backbone of his upcoming XRP Ledger startup. Bias Goose previously worked in developer growth at Ripple and now handles marketing at Walrus Protocol.
RLUSD confirmed, but the startup stays unnamed
Bias Goose first teased the project on Aug. 8, saying the XRP Ledger would get a new startup roughly a month out, pointing broadly to September without a firm date. Two days later, he said the team had formed partnerships with a sector of the traditional economy that has largely avoided blockchain and planned to bring participants from that industry onchain.
The model will run on RLUSD rails, involve XRP later, and feature no incentives and no token, he said. The project still lacks a published white paper or any visible registered legal entities, and its creator has promised a full presentation only in the first half of September.
A possible link to Walrus Protocol
Bias Goose currently works in marketing at Walrus Protocol, a decentralized data storage protocol built on the Sui network, which leaves open the possibility that the startup could combine RLUSD and XRP settlement rails with Walrus's capacity to store large real-world datasets. He has not commented on the technical side, focusing instead on the economic model.
Yield claims remain unverified
The project claims its net yield from real-world business will run several times higher than U.S. Treasury yields and outperform every other stablecoin on the market. Those return claims remain unverified, since no underlying assets, borrowers, contractual cash flows, or audited performance figures have been released. RLUSD itself does not automatically generate such returns — Ripple describes the token as a dollar-backed asset for payments, settlement, treasury management, and onchain finance, so any yield would need to come from another asset or strategy layered on top.
RLUSD's institutional footprint grows
Ripple's latest transparency report showed $1.5896 billion of RLUSD circulating against $1.7026 billion in reserve assets as of Aug. 6, with issuer Standard Custody & Trust Company supervised by the New York Department of Financial Services. Ripple also launched RLUSD in Japan with SBI in June following regulatory approval there.
No launch date, partner list, or legal entity has been disclosed beyond the September target Bias Goose set on Aug. 8.
Sources: U.Today, crypto.news
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