Ripple has announced the start of closed beta testing of the RLUSD stablecoin on the XRP Ledger network and the Ethereum mainnet.
According to the press release, RLUSD has not yet received regulatory approval and is therefore not available for purchase or trading. The team urged vigilance due to possible scammers allegedly distributing the stablecoin.
âThere is a clear demand for stablecoins that provide trust, stability, and utility. [âŠ] With over a decade of experience building enterprise financial solutions, Ripple is ideally positioned to launch a stablecoin,â the publication says.
RLUSD is backed by dollar deposits, short-term US Treasury bonds and other cash equivalents. The reserves will be audited by a third-party accounting firm, and Ripple has promised to publish monthly reports.
âOnce RLUSD becomes available, Ripple will use both RLUSD and XRP in cross-border payments to serve its global customers and significantly improve their experience,â the company noted.
In 2023, Bernstein experts predicted the stablecoin market would grow to $2.8 trillion in the next five years. Ripple used a link to the analysts' report in its press release to justify the feasibility of the initiative.
According to CoinGecko, USDT remains the undisputed leader among stablecoins. With a total segment capitalization of $166 billion, Tether occupies almost 70% of the share with an indicator of $115 billion.
The closest competitor, USDC, has a total market value of $34.4 billion, which is only a 21% share.
Recall that Tether received a record net profit of $5.2 billion in the first half of 2024. In June, the issuer introduced the aUSDT token backed by Tether Gold (XAUT) in the Alloy line of âpegged assetsâ.
In July, the U.S. Securities and Exchange Commission dropped its investigation into the BUSD stablecoin from crypto exchange Binance and its issuer Paxos.#Xrpđ„đ„ $XRP
