The post Ripple (XRP) USD (RLUSD) Beta Testing Commences on XRP Ledger and Ethereum Mainnet appeared on BitcoinEthereumNews.com.

James Ding Aug 10, 2024 01:32 Ripple (XRP) begins beta testing its stablecoin, Ripple USD (RLUSD), on the XRP Ledger and Ethereum mainnet, a significant step in digital finance. Ripple (XRP) has officially started beta testing its new stablecoin, Ripple USD (RLUSD), on both the XRP Ledger (XRPL) and the Ethereum mainnet, according to ripple.com. This development marks a significant milestone in the company’s efforts to enhance the quality of assets available on the XRPL, fostering new opportunities, liquidity, and institutional use cases. Beta Phase and Security The current beta phase is critical for ensuring RLUSD meets the highest standards of security, efficiency, and reliability. Ripple is rigorously testing the stablecoin with its enterprise partners to guarantee compliance and performance before making it widely available. At present, RLUSD is not available for purchase or trading, pending regulatory approval. Addressing Market Demand There is a growing demand for stablecoins that offer trust, stability, and utility in the global financial market. Ripple aims to utilize RLUSD alongside XRP for its cross-border payment solutions, significantly enhancing the customer experience. This initiative is part of a broader strategy to tap into a market projected to grow to over $2.8 trillion by 2028. Backing and Transparency Ripple USD is pegged 1:1 to the US dollar and is fully backed by US dollar deposits, short-term US government treasuries, and other cash equivalents. To ensure transparency, these reserve assets will undergo audits by a third-party accounting firm, and Ripple will publish monthly attestations. The company is committed to maintaining transparency and will keep the community updated on the progress of RLUSD. Future Prospects Ripple plans to expand RLUSD’s availability to additional blockchains and decentralized finance (DeFi) protocols over time. This expansion aims to integrate RLUSD into more financial ecosystems, thereby increasing its utility and adoption. As Ripple…

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Filed under: News - @ August 11, 2024 5:20 pm