This striped red rock is very common in Canyon Biomes.
A Stone Mining Cell is needed to mine this rock, and other types of Canyonstones as well.
Additionally to that, Ruddy Canyonstone can be used in several recipes that will accept different kinds of Canyonstones, like Wood Gravel Wall, Barred Wood Window, Cobblestone, Mossy Cobblestone, Blue Adobe Wall, Red Adobe Wall or Yellow Adobe Wall.
When Ruddy Canyonstones are placed into the game world just as they are, Dustevils can spawn on or near them during the day, more rarely Trogs or even Dried Leafis, sometimes yellow Pigsies or ordinary Leafies.
Also Wood Treasure Chests might appear at night on this kind of block in completely dark areas, no matter where these blocks have been placed.