Ripple is pleased to announce they have begun beta testing Ripple USD (RLUSD) on the XRP Ledger (XRPL) and Ethereum mainnet.
This is a significant milestone and “a step closer to bringing more high-quality assets to the XRPL, driving new opportunities, liquidity, and institutional use cases for users, developers, and applications.”
The mainnet version of Ripple USD is also “available on Ethereum, with plans to expand to additional blockchains and decentralized finance (DeFi) protocols over time.”
Ripple USD is currently in its beta phase and is “being rigorously tested by our enterprise partners.”
This phase is crucial for ensuring “that the stablecoin meets the highest standards of security, efficiency, and reliability before it becomes widely available, and after receipt of regulatory approval.”
Consequently, Ripple USD is “not available for purchase or trading at this time.”
Until then, please be cautious of crypto scams which “may exploit Ripple’s brand and purport to have early access to sell Ripple USD, which is not available at this time.”
There is a clear demand for stablecoins that “deliver trust, stability, and utility.”
Once RLUSD is available, Ripple will use “both RLUSD and XRP in its cross-border payments solution to serve its global customers and dramatically improve their experience.”
With over a decade of building enterprise financial solutions, Ripple is in an ideal position to launch “a stablecoin that addresses a market projected to grow to over $2.8 trillion by 2028.”
Ripple USD is valued 1:1 “to the US dollar (USD) and 100% backed by US dollar deposits, short-term US government treasuries, and other cash equivalents.”
These reserve assets will be audited “by a third-party accounting firm, and Ripple will publish monthly attestations.”
Ripple claims that it is committed to “transparency and will keep the community updated on the progress of Ripple USD.”
They are focused on working towards “making RLUSD a robust and reliable stablecoin for everyone.”
Together, they aim to shape the future of digital finance.