Ripple Labs has announced the initiation of beta testing for its new stablecoin, Ripple USD (RLUSD), on both the XRP Ledger (XRPL) and the Ethereum mainnet. This development marks a significant step in Ripple’s efforts to introduce more high-quality assets to the XRPL, aiming to enhance opportunities, liquidity, and institutional use cases for various users, developers, and applications. Additionally, Ripple USD is now available on the Ethereum mainnet, with future plans to expand its presence across other blockchains and decentralized finance (DeFi) protocols.
Currently, Ripple USD is in its beta phase and is undergoing thorough testing by the company’s enterprise partners. Ripple emphasized the importance of this stage to ensure that the stablecoin meets the highest standards of security, efficiency, and reliability before its full launch, which is contingent upon obtaining regulatory approval. As such, Ripple USD is not yet available for purchase or trading.
Ripple also issued a warning to the public to be wary of potential crypto scams that might falsely claim to offer early access to Ripple USD. The company reiterated that the stablecoin is not available for trading or purchase at this time.
Ripple USD is designed to be a stablecoin pegged 1:1 to the US dollar. The stablecoin is fully backed by US dollar deposits, short-term US government treasuries, and other cash equivalents, providing a high level of trust and stability. These reserve assets will be audited by an independent third-party accounting firm, with Ripple committed to publishing monthly attestations to maintain transparency.
Ripple also mentioned in its blog post that it plans to integrate Ripple USD into its cross-border payments solution alongside XRP once the stablecoin becomes widely available. The company believes that RLUSD will enhance the global payment experience for its customers, aligning with a market projected to grow to over $2.8 trillion by 2028. Ripple is aiming to become a key player in the stablecoin market.
