Ripple’s RLUSD is in its first testing phase on the XRPL and Ethereum mainnets.
The test ensures RLUSD’s highest security, efficiency, and reliability standards before its regulatory approval.
The RLUSD launch addresses the increasing demand for stablecoins in the crypto market.
Ripple has initiated beta testing of its US Dollar-backed stablecoin, Ripple USD (RLUSD), on both the XRP Ledger (XRPL) and Ethereum mainnets. In an official X post on August 9, the team shared their excitement about RLUSD’s testing on the mainnets’ private beta.
Testing, testing…RLUSD! We’re excited to share that Ripple USD (RLUSD) is now in private beta on XRP Ledger and Ethereum mainnet. RLUSD has not yet received regulatory approval and therefore is not available for purchase or trading – please be cautious of scammers who claim they…
— Ripple (@Ripple) August 9, 2024
Ripple acknowledged the launch of its stablecoin as a significant milestone that drives XRPL closer to exploring new opportunities, enhanced liquidity, and institutional use cases. In addition, the firm stated that the testing phase remains crucial as it ensures the stablecoin’s highest standards of security, efficiency, and reliability before its regulatory approval and subsequent launch.
Notably, the RLUSD launch is a strategic move toward addressing the increasing demand for stablecoins, as highlighted by Ripple. The team is completely dedicated to the development, and their commitment is boosted by the potential of the stablecoin market to rise to $2.8 trillion by 2028. Ripple CEO Brad Garlinghouse expressed his optimistic approach to the stablecoin launch, acknowledging it as the “Real USD.”
In its official announcement, Ripple reiterated that the stablecoin will be valued at 1:1 with the US dollar. US dollar deposits, short-term US government treasuries, and other cash equivalents will back it. Ripple added that the firm would release monthly attestations, while the reserve assets would be monthly audited by a third-party accounting firm.
Despite the substantial development in the XRP ecosystem, Ripple’s XRP token is experiencing a negative inclination to the $0.5898 mark. Over the past 24 hours, the token has seen a notable decline of 3.50%. However, considering the weekly and monthly performance, XRP is on a positive track, with surges of 5% and 33%, respectively.
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