Ripple USD (RLUSD), the new stablecoin by Ripple pegged 1:1 to the US dollar, is starting beta testing on XRP Ledger and Ethereum. At the moment, RLUSD has not received regulatory approval.
Ripple USD: the private beta test of the stablecoin on XRP Ledger and Ethereum
Ripple has announced that its stablecoin Ripple USD (RLUSD) is starting the private beta testing phase on XRP Ledger and on the Ethereum mainnet.
Testing, testing…RLUSD! We’re excited to share that Ripple USD (RLUSD) is now in private beta on XRP Ledger and Ethereum mainnet. RLUSD has not yet received regulatory approval and therefore is not available for purchase or trading – please be cautious of scammers who claim they…
— Ripple (@Ripple) August 9, 2024
“Test, test… RLUSD! We are excited to announce that Ripple USD (RLUSD) is now in private beta on XRP Ledger and on the Ethereum mainnet. RLUSD has not yet received regulatory approval and therefore is not available for purchase or trading; please beware of scammers claiming to have or distribute Ripple USD.”
At the moment, RLUSD has not yet received regulatory approval and therefore officially it is as if it does not exist.
In fact, however, the stablecoin pegged 1:1 to the US dollar signed by Ripple is proceeding with its development.
Specifically, RLUSD will be supported 100% by deposits in US dollars, short-term US government securities, and other cash equivalents. Ripple announces that these reserve assets will be verified by a third-party accounting firm, while the crypto company will publish monthly attestations.
Ripple USD: creating use cases for the new stablecoin in testing phase on XRP Ledger and Ethereum
The beta test phase is for the new stablecoin RLUSD a way to create new opportunities, liquidity, and institutional use cases for users, developers, and applications.
Not only that, this phase will also serve to ensure that the stablecoin meets the highest standards of security, efficiency, and reliability before being widely available and after receiving regulatory approval.
At the moment, the asset is tested on XRPL but also on Ethereum, with the intention of expanding over time to other blockchains and decentralized finance protocols (DeFi).
The idea is that once it is approved and available, Ripple will use both RLUSD and XRP in its cross-border payment solution to serve its global customers and drastically improve their experience.
The definitive victory against the SEC of the USA
This advancement of the new stablecoin signed by Ripple is part of a success that the crypto company has managed to achieve right in the United States.
Recently, in fact, after four long years of courtroom battles, Ripple sees the definitive conclusion of its case against the Securities and Exchange Commission (SEC).
To conclude with a historic ruling, Judge Annalisa Torres once again took the stage, who already last year had declared that XRP is not a security.
Now, Ripple will pay a fine of 125 million dollars, much lower than the amount requested by the federal agency, and celebrates freedom from the pitfalls of the US regulatory bodies.
On the same day of the historic ruling in favor of Ripple, XRP experienced a price pump of +20%. At the time of writing, XRP is worth $0.57.