Red Square was established in the 15th Century, under the rule of Ivan III, and was originally called Trinity Square after the Trinity Cathedral, which used to stand on the site where St. Basil's stands now. Sometime later the name 'Krasnaya Ploschad' became popular. The word 'krasnaya' is ambiguous. Originally meaning beautiful in old Russian, it only came to mean red in more modern times. Commonly-held assumptions then that the 'Red' in Red Square referred to Communism, blood spilt - or even the colour of the monuments - are in fact misplaced!