The post Ripple Kicks Off Beta Testing for New Stablecoin RLUSD appeared on BitcoinEthereumNews.com.

The official Twitter account of Ripple has recently shared a new segment from their “Crypto In One Minute” series, targeting an explanation of stablecoins. Monica Long, the president of Ripple, featured in the video, elucidated the concept and importance of stablecoins in the cryptocurrency market. This release coincides with Ripple’s announcement about initiating the closed beta testing phase of their proprietary stablecoin, Ripple USD (RLUSD). Explore the innovations and insights from Ripple’s latest strides with their RLUSD stablecoin amidst a concise guide to stablecoins by their president, Monica Long. Ripple Initiates Beta Testing for RLUSD Stablecoin Earlier in the week, Ripple revealed the start of the closed beta testing for its new stablecoin, Ripple USD (RLUSD). According to Ripple, the stablecoin will not yet be available for general trading but will be rigorously tested by a selected network of corporate partners. This testing phase is aimed at ensuring the stability and reliability of RLUSD before its broader release on platforms including the XRP Ledger and Ethereum, pending regulatory approval. Understanding Stablecoins In the educational video, Monica Long described stablecoins as blockchain tokens that are pegged to real-world currencies, such as the U.S. dollar, maintaining a one-to-one ratio. She highlighted the U.S. dollar as a common example, noting that stablecoins have become an integral part of the crypto ecosystem due to their relatively low volatility compared to other cryptocurrencies like Bitcoin and Ethereum. This stable value helps mitigate the risks associated with the inherent volatility of the crypto market. Current Stability Challenges of Stablecoins Stablecoins have faced scrutiny and challenges in maintaining their value peg. For instance, Tether’s USDT and Circle’s USDC, two dominant stablecoins, have generally maintained their peg to the U.S. dollar. However, they have not been without issues. Last March, USDC briefly depegged from the dollar following the…

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Filed under: News - @ August 11, 2024 10:22 am