The post Ripple News: Ripple Starts Testing of New Stablecoin appeared on BitcoinEthereumNews.com.

Ripple has just started testing its new stablecoin, marking a significant development in the cryptocurrency world. This stablecoin will be tested on two major platforms: Ethereum and the XRP Ledger. This move could enhance Ripple’s influence in the digital currency space and bring new opportunities for stability and innovation. In this article, we’ll explore what Ripple’s new stablecoin entails, the potential benefits of its dual-platform testing, and what this means for the future of cryptocurrency. Ripple Launches Testing of New Stablecoin on Ethereum and XRP Ledger On August 9, Ripple Labs revealed that it has begun testing its new stablecoin, Ripple USD (RLUSD), which is tied to the US dollar. This stablecoin is being trialed on the XRP Ledger (XRPL) and Ethereum networks, with intentions to expand its availability to other blockchain systems in the future. Ripple Labs has detailed that RLUSD will be overcollateralized, with each token backed by an equivalent amount of USD reserves or short-term cash assets at a 1:1 ratio with the US dollar. To ensure full transparency, Ripple will conduct third-party audits of these reserves and release monthly updates on their status. Additionally, Ripple emphasized that it will continue to support both XRP and RLUSD, addressing any concerns that the launch of the new stablecoin might lead to a shift away from XRP. Ripple cautioned on Twitter that RLUSD has not yet been approved by regulators and is not currently available for purchase or trading. The company advised vigilance against scammers who might falsely claim to offer or distribute Ripple USD. Ripple also mentioned that while RLUSD is undergoing testing on the XRP Ledger and Ethereum, there are intentions to extend its use to additional blockchain networks in the future. What this move means for the future of cryptocurrencies? Ripple’s introduction of Ripple USD (RLUSD)…

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Filed under: News - @ August 10, 2024 7:10 am