Ripple announced today that it has started the private beta testing of its new stablecoin, Ripple USD (RLUSD), on its own blockchain and Ethereum.
Ripple announced today that it has started the private beta testing of its new stablecoin, Ripple USD (RLUSD), on its own blockchain and Ethereum. This move is aimed at addressing the global demand for stablecoins and facilitating cross-border payments.
Currently, RLUSD is being tested on Ripple's native blockchain, the XRP Ledger, as well as on Ethereum. Ripple also has plans to expand the stablecoin to other blockchains and decentralized finance (DeFi) protocols in the future, aiming to integrate with the evolving crypto financial landscape. However, Ripple emphasized that this is just the initial phase. The company cautioned that RLUSD has not yet received regulatory approval and is not available for purchase or trading.
Back in April, Ripple announced its intention to launch a stablecoin fully backed by U.S. dollars, short-term U.S. government treasuries, and other cash equivalents. Stablecoins, like RLUSD, are digital tokens pegged to stable assets such as the U.S. dollar, providing a way for crypto users to maintain value without the volatility of cryptocurrencies like Bitcoin.
Ripple aims to make payments faster and cheaper, having created XRP, which is currently the seventh-largest digital coin by market cap. The company recently claimed a partial victory against the U.S. Securities and Exchange Commission (SEC) in a lawsuit regarding the sale of unregistered securities, paying $125 million in fines to settle the case.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators.
This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice.
The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
