Ripple begins testing its stablecoin on the XRP Ledger and Ethereum Mainnet
Ripple, the enterprise-focused blockchain solution for business, has announced that the company has begun beta testing of its stablecoin Ripple USD (RLUSD). According to a post on X, the company is testing its stablecoin, RLUSD, on two blockchain networks, XRP Ledger (XRPL) and Ethereum Mainnet.
Testing, testing…RLUSD! We’re excited to share that Ripple USD (RLUSD) is now in private beta on XRP Ledger and Ethereum mainnet. RLUSD has not yet received regulatory approval and therefore is not available for purchase or trading – please be cautious of scammers who claim they…
— Ripple (@Ripple) August 9, 2024
As seen on the company website, with more high-quality assets added to the XRPL, there will be more opportunities, liquidity, and institutional use cases for users, developers, and applications. This marks a significant milestone in that direction. The mainnet version of Ripple USD is also accessible on Ethereum, with intentions to eventually extend to more blockchains and decentralized finance (DeFi) protocols, the post added.
Our enterprise partners are thoroughly testing Ripple USD, which is presently in its beta stage. After obtaining regulatory approval and before going public, this stage is critical for guaranteeing that the stablecoin meets the highest standards of security, efficiency, and dependability. Therefore, at this moment, Ripple USD cannot be bought or traded.
The company advised individuals to keep an eye out for cryptocurrency scams that try to take advantage of Ripple's reputation by pretending to offer early access to sell Ripple USD, which isn't available right now.
Stablecoins that provide utility, stability, and trust are clearly in demand. In order to better serve its global customers and enhance their experience, Ripple will employ both RLUSD and XRP in its cross-border payments system once RLUSD becomes available. Having developed enterprise financial solutions for more than ten years, Ripple is well-positioned to introduce a stablecoin that targets a market expected to reach over $2.8 trillion by 2028.
With a 1:1 value to the United States of America dollar (USD), Ripple USD is fully backed by dollar deposits, government treasuries in the United States, and other cash equivalents. A third-party accounting firm will audit these reserve assets, and Ripple will publish attestations on a monthly basis.
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