The post Ripple USD (RLUSD) Stablecoin Begins Beta Testing Amid Stiff Competition from USDT and USDC appeared on BitcoinEthereumNews.com.

Ripple is accelerating plans to launch its RLUSD stablecoin amidst growing competition in the market. This initiative positions Ripple alongside prominent stablecoins like USDT and USDC. Despite the significant move, the XRP market has shown a surprisingly lukewarm reaction. Ripple’s RLUSD stablecoin is set to challenge big players in the market, promising stability and competition. Stay updated with the latest developments! Ripple Initiates Testing for RLUSD Stablecoin On August 9, Ripple detailed its progress in launching the Ripple USD (RLUSD) stablecoin. The company has commenced beta testing on major blockchain networks – the XRP Ledger (XRPL) and Ethereum mainnet. These tests are crucial for ensuring the stablecoin’s reliability and integration. Backing and Stability of RLUSD Ripple has designed RLUSD to be pegged 1:1 to the U.S. dollar. It is backed by an amalgamation of U.S. dollar deposits, short-term U.S. government treasuries, and other cash equivalents. This structure aims to maintain its value and stability in the volatile cryptocurrency market. However, RLUSD is still in its beta phase and is not available for public trading until all regulatory approvals are secured. Competitive Landscape in the Stablecoin Market The stablecoin market, valued at over $170 billion, is fiercely competitive, dominated by heavyweights such as Tether (USDT) and USD Coin (USDC). Tether holds a commanding market cap of over $115 billion, while USD Coin follows with more than $34 billion. Other notable players include DAI and First Digital USD (FDUSD), with market caps of $5 billion and $1.9 billion, respectively. Market Reaction and XRP Price Movement The announcement of RLUSD did not significantly boost XRP’s market performance. Analysis shows that by the end of August 9, XRP’s price dropped by 5.81%, from $0.61 to approximately $0.58. As of the latest data, XRP is trading with a slight increase of less than 1%, indicating…

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Filed under: News - @ August 11, 2024 4:10 am