Ripple's stablecoin, RLUSD, has achieved a historic milestone by completing its first mint on the Ethereum network. The first 200 RLUSD tokens were successfully minted on Ethereum, marking a significant milestone for both blockchains.
In a tweet, XRPL dUNL validator Vet drew attention to the development on X, tweeting, "The first 200 RLUSD minted on Ethereum" while attaching a screenshot of the transaction.
The first 200 #RLUSD minted on Ethereum https://t.co/yMiAo81ttX pic.twitter.com/ozgHKfxqJ3
— Vet 🏴☠️ (@Vet_X0) August 22, 2024
Ripple announced plans in April to enter the fast-expanding stablecoin market with its U.S. dollar-pegged currency. Stablecoins are already worth over $160 billion and serve as a critical piece of infrastructure in the crypto economy, facilitating trading and payments on blockchains. The two major stablecoins presently dominate the market: Tether's USDT and Circle's USDC.
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Ripple began testing its stablecoin on the Ethereum mainnet and XRP Ledger in early August.
Ripple USD stablecoin in beta phase
Ripple stablecoin, Ripple USD is currently in its beta phase and is currently being tested by Ripple enterprise partners. This phase is critical for ensuring that the stablecoin reaches the highest levels of security, efficiency and dependability before it is widely deployed and receives regulatory clearance.
According to Ripple, this is a significant milestone that brings more high-quality assets to XRP Ledger, opening up new opportunities, liquidity and institutional use cases for users, developers and applications.
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RLUSD will be pegged to the U.S. dollar (USD) and fully backed by U.S. dollar deposits, short-term U.S. government treasuries and other cash equivalents. A third-party accounting firm will audit the reserve assets, and Ripple will publish attestations monthly.
As Ripple USD (RLUSD) thrives in private beta on XRP Ledger and the Ethereum mainnet, Ripple has warned that it has not yet received regulatory approval and, thus, is not available for purchase or trading, so users should be wary of scammers claiming to have or to be able to distribute Ripple USD.
