Blockchain payments firm Ripple has announced plans to introduce smart contracts to the XRP Ledger mainnet. This move aims to enhance programmability and enable developers to create customized applications.

In a recent announcement, Ripple stated that it is working to bring smart contracts to the XRP Ledger mainnet, expanding its layer-1 functionality and attracting more developers. The XRP Ledger, launched in 2012, has primarily been used by banks and financial institutions for cross-border payments.

Smart contracts are self-executing agreements where the terms are written into code. The upcoming smart contract functionality will build upon existing standards like Hooks.

On XRPL, smart contracts are expected to enhance the platform’s flexibility. Developers will be able to creatively utilize foundational components such as escrows, NFTs, trust lines, payment channels, and decentralized exchange features to build new decentralized applications.

The announcement also mentions that developers can deploy smart contracts without a formal amendment process or requiring any approval. However, an XLS standard will be implemented to ensure that smart contracts are secure, efficient, and easy to deploy.

According to Ripple CEO Brad Garlinghouse, the programmability of the XRP Ledger is “something the XRP community has rightly been asking for.”

Ripple also plans to deploy the XRPL EVM Sidechain early next year in collaboration with blockchain infrastructure provider Peersyst. The sidechain will allow XRPL developers to use Ethereum Virtual Machine tools and programming languages.

The XRPL EVM will leverage Axelar’s cross-chain bridge to enable transactions between the XRPL EVM Sidechain, the XRP Ledger, and over 55 other blockchains via wrapped XRP (eXRP), which will also serve as the gas token for the sidechain.

Ripple has previously partnered with Cosmos-based evmOS, an XRPL sidechain that is also EVM compatible.

This development follows the introduction of Ripple’s fiat-pegged stablecoin, Ripple USD (RLUSD), which began beta testing on the XRP Ledger and Ethereum mainnet earlier this year. RLUSD is designed to maintain a 1:1 value with the US dollar, backed by a reserve of cash and cash equivalents, and could further boost XRPL’s liquidity.

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