<a href="https://www.blockhead.co/tag/ripple/" rel="noopener noreferrer nofollow">Ripple</a> announced that it has begun beta testing Ripple USD (RLUSD) on the XRP Ledger (XRPL) and the <a href="https://www.blockhead.co/tag/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> mainnet, with plans to expand to other blockchains over time.&#34;This phase is crucial for ensuring that the stablecoin meets the highest standards of security, efficiency, and reliability before it becomes widely available, and after receipt of regulatory approval,&#34; said Ripple in a <a href="https://ripple.com/insights/a-new-era-of-stablecoins-ripple-usd-begins-testing-on-the-xrp-ledger-mainnet/?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">blog post.</a>Once RLUSD is live, Ripple will use both XRP, its native token, and RLUSD in its <a href="https://ripple.com/insights/how-ripple-utilizes-xrp-for-cross-border-payments/?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">cross-border payments solutions</a>. The fintech firm also cautions users to be weary of anyone claiming to have RLUSD or granting users early access to RLUSD.Announced in <a href="https://www.businesswire.com/news/home/20240404802548/en/Ripple-to-Issue-USD-backed-Stablecoin-Bringing-More-Utility-and-Liquidity-to-XRP-Ledger?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">April</a>, RLUSD is 100% backed by USD deposits, short-term US government treasuries, and other cash equivalents.Ripple promises its stablecoin will be enterprise-grade and compliance-first. RLUSD will join the growing list of USD-backed stablecoins with the stablecoin market expected to grow to over <a href="https://www.businesswire.com/news/home/20240404802548/en/Ripple-to-Issue-USD-backed-Stablecoin-Bringing-More-Utility-and-Liquidity-to-XRP-Ledger?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">$2.8 trillion</a> by 2028.The testnet announcement of RLUSD came after <a href="https://www.blockhead.co/tag/ripple/" rel="noopener noreferrer nofollow">Ripple</a> was <a href="https://www.coindesk.com/policy/2024/08/07/judge-fines-ripple-125m-bans-future-securities-law-violations-in-long-running-sec-case/?ref&#61;blockhead.co" rel="noopener noreferrer nofollow">fined</a> $125 million in a lawsuit by the United States Securities and Exchange Commission (<a href="https://www.blockhead.co/tag/sec/" rel="noopener noreferrer nofollow">SEC</a>). Initially, the regulator sought $1 billion in disgorgement and prejudgment interest and $900 million in civil penalty.With no more legal action pending over Ripple&#39;s head, it remains to be seen if RLUSD can gain dominance in the stablecoin market, competing against the likes of <a href="https://www.blockhead.co/tag/usdt" rel="noopener noreferrer nofollow">USDT</a> and <a href="https://www.blockhead.co/tag/usdc/" rel="noopener noreferrer nofollow">USDC</a>.<a href="https://www.blockhead.co/#/portal/signup" rel="noopener noreferrer nofollow">Join Blockhead today for FREE and stay in the loop on digital assets!</a>

Ripple Commences Test of RLUSD On Ethereum, XRP Ledger

Blockhead

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