Ripple Launches RLUSD Beta on XRP Ledger and Ethereum

Ripple Tests RLUSD Stablecoin on XRP Ledger and ETH Networks

Ripple is making buzz in the market by introducing the beta test for Ripple USD (RLUSD) on both the XRP Ledger and the Ethereum mainnet. This expansion marks an important milestone for the company as it strives to introduce high-quality assets to the XRPL, potentially driving new opportunities, liquidity, and institutional use cases. The company is also preparing to expand RLUSD to other blockchains and decentralized finance (DeFi) protocols in the future.

The beta testing of RLUSD is a vital step in guaranteeing that the stablecoin is safe, effective, and reliable before its release. Ripple has clarified that RLUSD is currently not a tradable currency and cannot be bought at the moment.

It is centered on perfecting the stablecoin and getting the right regulatory licenses before releasing it to the public. Meanwhile, Ripple has warned the community to be on the lookout for fake offers that could present themselves as early access to RLUSD.

After the official release of RLUSD, Ripple intends to use it together with XRP in its cross-border payment products. This will help Ripple to better meet its global customers hence improving their experience. The stablecoin is fully collateralized with US dollars and short-term US government treasuries and other forms of cash equivalents at a 1:1 ratio to the token.

Ripple has been transparent by stating that a third-party accounting firm will be auditing RLUSD’s reserve assets and that monthly attestations will be made to the community.

Ripple Triumphs Over SEC in Landmark Legal Battle

This announcement comes shortly after Ripple clinched a victory against the U. S. Securities and Exchange Commission (SEC). On August 7, a federal judge ordered Ripple Labs to pay $125 million, far below the $2 billion the SEC had demanded. Ripple’s CEO Brad Garlinghouse described the ruling as a victory for the company. The fact that the lawsuit turned in XRP’s favor had a direct positive effect on its price which increased by 26% to $0. 64.

Conclusion

RLUSD's launch through beta testing on the XRPL and Ethereum mainnet by Ripple is a significant step towards the company’s goal of increasing the use of quality assets in the crypto market. Although RLUSD is not yet tradeable, Ripple’s approach to the market and the new product shows that the company is both ambitious and careful in its attempts to enter the world of stablecoins. While the company remains entangled in legal battles, the recent victory against the SEC strengthens its standing in the cryptocurrency industry.

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