The company emphasizes that this move is crucial to ensure that the stablecoin meets the highest standards of safety, efficiency and reliability before it is widely distributed and after regulatory approval. Therefore, Ripple USD is currently unavailable for purchase or trading.
Until then, the company urged the community to be wary of crypto fraudsters who may use the #Ripple brand and claim early access to sell Ripple USD, which is currently unavailable.
She emphasized that once RLUSD becomes available, Ripple will use both RLUSD and #XRP in its cross-border payment solutions to serve customers around the world and significantly improve the customer experience.
RLUSD is valued at 1 USD = 1 JPY!
Ripple announced that Ripple USD is valued at one-to-one against the United States dollar (USD) and is 100% backed by dollar deposits, U. S. government treasury bills, and other cash equivalents. These backed assets are audited by a third-party accounting firm and Ripple publishes monthly reports.
The announcement follows Judge Annalisa Torres' August 7 ruling that imposed a $125 million fine on Ripple Labs in an SEC case. Ripple CEO Brad Garlinghouse called the fine a victory for the SEC, as it falls short of the $2 billion the SEC had asked the court to impose on Ripple Labs for alleged securities violations.
XRP reacted positively to the news, soaring 26% to a high of $0.64 on the day of the ruling. Was this article useful? #Cryptocurrency banks have been warned by the Fed - is this the end of cryptocurrency banking allies?
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