Ripple’s New Stablecoin RLUSD in Testing, Launch Nears

A few months ago, Ripple announced that it wanted to launch a new cryptocurrency in addition to XRP. This is a stablecoin pegged to the US dollar called Ripple USD (RLUSD). Now, Ripple has started testing the stablecoin, which appears to have taken the next big step towards launching.

RLUSD Tests on XRPL and Ethereum

In early April, Ripple revealed plans to launch its RLUSD stablecoin later this year. Just over a month later, the US company took another step in developing the stablecoin by filing a trademark application for the “RLUSD” symbol.

The company took another important step towards launching the Ripple USD currency. Yesterday Advertise The US company announces that the currency is now being extensively tested on both its own XRP Ledger (XRPL) and on Ethereum (ETH).

The announcement stated the following:

“Ripple USD is currently in beta and is being thoroughly tested by our trading partners. This phase is crucial to ensure that the stablecoin meets the highest standards of security, efficiency and reliability before it becomes generally available, after obtaining the necessary regulatory approvals.

Ripple confirms that RLUSD has not yet received regulatory approval and is therefore not yet available for purchase or trading. “Please be wary of scammers claiming to own or be able to distribute Ripple USD,” Ripple warns.

RLUSD joins XRP

RLUSD will be backed by 100% US dollar deposits, short-term US Treasury securities, and other cash equivalents. Additionally, these reserves will be audited by an external accounting firm, and Ripple will publish monthly data to ensure transparency and confidence in the stability of RLUSD.

When it was announced in April, it was revealed that Ripple’s new cryptocurrency would initially launch on its own XRPL blockchain and Ethereum, with plans to expand to other networks and DeFi protocols in the future.

RUSD will be used alongside XRP in Ripple’s cross-border transaction solution, also known as “Ripple Payments.”

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