https://twitter.com/Ripple/status/1821942246939488574

Crypto payment provider Ripple Labs recently announced on Twitter that it has begun testing the newly launched over-collateralized U.S. dollar stablecoin Ripple USD (RLUSD) on XRP Ledger (XRPL) and the Ethereum mainnet. It is expected to be used as a cross-border payment method together with XRP in the future. solution.

RLUSD stablecoin has been tested on Ethereum and XRP Ledger

Ripple’s statement stated that its stablecoin RLUSD has been tested internally on the Ethereum and XRPL networks and will be expanded to other blockchains and DeFi protocols over time:

This is an important milestone that brings new opportunities, liquidity, institutional use cases and more great assets to XRPL, users, developers and applications.​

And added, "XRPL will join forces with XRP to become a cross-border payment solution and significantly improve the user experience."

The company stated that RLUSD is an over-collateralized 1:1 US dollar-pegged stable currency, with reserves in US dollar deposits, short-term US Treasury bonds and other cash equivalents, and promised to publish a monthly reserve asset report audited by a third-party accounting firm. .

  • RLUSD’s XRPL token contract address: rMXCKBEDwqr76QuheSUMdEGf4B9xJ8m5De

  • RLUSD’s Ethereum token contract address: 0xCfd748B9De538c9f5b1805e8db9e1d4671f7F2ec

At the same time, Ripple also reminds RLUSD that it has not yet been approved by regulatory authorities, has not yet been launched and cannot be traded. Users must be wary of scams claiming to provide early purchase rights for RLUSD.

Previously, the company’s CEO Brad Garlinghouse revealed the launch of RLUSD and XRPL EVM sidechains at the XRPL Community Summit in June this year.

The stablecoin market is highly competitive

Ripple emphasized that as the demand for low-volatility and fiat-linked tokens grows, it is confident that it can become an important player in the stablecoin market:

Ripple has years of experience building enterprise financial solutions and can be a key player in the stablecoin's market cap exceeding $2.8 trillion in 2028.

It is reported that the current total market value of stablecoins is approximately US$165.6 billion, of which USDT and USDC have a market share of 69.8% and 20.5% respectively.

However, as countries including the Americas and Europe continue to implement more stringent encryption regulatory measures, stablecoins are also on the road to becoming more compliant.

(Swiss regulatory framework poses the biggest threat to stablecoins such as USDT: issuers need to have a license and will have to pay interest)

SEC v. Ripple case settled

By the way, Ripple’s multi-year lawsuit with the U.S. Securities and Exchange Commission (SEC) came to an end last week. Ripple was fined $125 million and imposed an injunction based on the SEC’s claims. The company regarded this ruling as a major victory for the entire encryption industry. .

(The Ripple case has come to an end! It was fined US$125 million and imposed a permanent ban. XRP soared 20% after hearing the news)

This article targets the stablecoin market! Ripple RLUSD has been tested on Ethereum and XRP Ledger first appeared on Chain News ABMedia.

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