Ripple (XRP) Announces Start of Testing Phase of Major New Initiative

Ripple has officially launched the beta testing phase of its new stablecoin, Ripple USD (RLUSD), on both XRP Ledger (XRPL) and Ethereum mainnet.

This announcement marks a significant milestone in Ripple’s ongoing efforts to increase the utility of blockchain platforms by offering high-quality, asset-backed digital currencies.

According to Ripple’s official blog post, the launch of RLUSD is designed to create new opportunities for users, developers, and applications operating within the XRPL ecosystem, increase liquidity, and enable more enterprise use cases. The mainnet version of RLUSD is also live on Ethereum, with plans to support additional blockchains and decentralized finance (DeFi) protocols in the future.

Currently, RLUSD is in a rigorous beta testing phase with institutional partners actively involved in evaluating the stablecoin’s performance. Ripple states that this testing period is necessary to ensure that RLUSD meets the highest standards of security, efficiency, and reliability before it is made widely available to the public. Regulatory approval is still pending, and therefore RLUSD is not yet available for purchase or trading.

Ripple’s RLUSD is pegged 1:1 to the US dollar and is fully backed by a combination of US dollar deposits, short-term US government treasuries, and other cash equivalents. The company has pledged that these reserve assets will be regularly audited by third parties and that monthly attestations will be published to maintain transparency and trust among users.

The launch of RLUSD represents a significant step in Ripple’s strategy to expand its influence in the digital currency space, providing more stable and secure options for transactions and investments in the blockchain ecosystem, according to the official statement.

*This is not investment advice.

Continue Reading: Ripple (XRP) Announces Start of Testing Phase of Major New Initiative