PANews reported on August 10 that according to Ripple's official tweet, Ripple announced that its Ripple USD (RLUSD) has now entered the private testing phase (Beta testing) on the XRP Ledger and Ethereum mainnet. RLUSD has not yet received regulatory approval and cannot be purchased or traded. Ripple reminds users to beware of any scams claiming to distribute RLUSD. RLUSD will be pegged to the U.S. dollar (USD) at a ratio of 1:1 and will be 100% backed by U.S. dollar deposits, short-term U.S. Treasury bonds, and other cash equivalents. These reserve assets will be audited by a third-party accounting firm, and Ripple will publish audit reports every month.
