Ripple is in the news once again – and this might excite you! The fintech giant has begun beta testing for its highly anticipated stablecoin, Ripple USD (RLUSD), on both the XRP Ledger (XRPL) and Ethereum mainnet. This development is a major milestone for Ripple, aiming to bring high-quality assets to the XRPL. The goal is to boost liquidity, attract institutional use cases, and create new opportunities for users, developers, and applications.
After a stressful legal battle with the SEC, Ripple could really use this win. Here’s more on this below.
Where Can You Find the Ripple USD?
The Ripple USD is now available on Ethereum’s mainnet, with plans to expand to other blockchains and decentralized finance (DeFi) protocols over time. This testing phase is vital to ensure that Ripple USD meets top standards for security, efficiency, and reliability before it becomes widely available, which will happen after receiving regulatory approval. For now, Ripple USD cannot be purchased or traded.
Stay Alert!
Ripple warns the community to be cautious of potential scams. Some might misuse Ripple’s name to falsely claim they have early access to Ripple USD, which is not yet available.
When RLUSD officially launches, Ripple intends to use both RLUSD and XRP in its cross-border payments solution. This will enhance the global customer experience by improving transaction efficiency and reliability.
What is the Value of the RLUSD?
Ripple USD will be valued at a 1:1 ratio with the US dollar (USD) and will be fully backed by US dollar deposits, short-term US government treasuries, and other cash equivalents. A third-party accounting firm will audit these reserves, and Ripple will publish monthly attestations to ensure transparency.
Ripple – 1, SEC- 0
This announcement follows an August 7 ruling from Judge Analisa Torres, imposing a $125 million penalty on RippThis is just the beginning. The full potential of RLUSD and XRP is yet to be realized.le Labs in the SEC lawsuit. Ripple CEO Brad Garlinghouse lauded the penalty as a victory against the SEC, as the penalty was not even close to the fine that the SEC, had requested the court to impose a staggering $2-billion fine against Ripple Labs for the alleged securities violations.
XRP responded positively to the news as it soared by 26% and reached a high of $0.64 on the day of the ruling.
Read Also: XRP Reverses Its Gains as Open Interest Drops by Nearly 10%! Here’s What’s Next for XRP Price
This is just the beginning. The full potential of RLUSD and XRP is yet to be realized. Stay tuned to Coinpedia for updates.
