Ripple Announces Stablecoin RLUSD Has Entered Private Beta on XRP Ledger and Ethereum Mainnet

This achievement marks a key milestone in Ripple's continued efforts to introduce high-quality assets to the XRP Ledger

Cryptocurrency giant Ripple has recently announced the launch of its stablecoin, Ripple USD (RLUSD), in a private beta on both the XRP Ledger and the Ethereum mainnet. This marks a significant step in the company’s ongoing efforts to introduce high-quality assets to the XRP Ledger.

The launch of RLUSD is also expected to open up new opportunities for liquidity and institutional use cases for a wide range of users, developers, and applications within the XRP ecosystem.

However, it is important to note that RLUSD has not yet obtained the necessary regulatory approvals and, as a result, is not available for purchase or trading.

In a recent tweet, Ripple also cautioned the community to be aware of potential scams and fraudsters who may falsely claim to have access to or the ability to distribute Ripple USD.

“Testing, testing…RLUSD! We’re excited to share that Ripple USD (RLUSD) is now in private beta on XRP Ledger and Ethereum mainnet.

RLUSD has not yet received regulatory approval and therefore is not available for purchase or trading – please be cautious of scammers who claim they…”

This announcement comes as part of a broader effort by Ripple to expand its presence in the rapidly growing stablecoin market, which is valued at over $2.8 trillion and is expected to continue expanding in the coming years.

With RLUSD being fully backed 1:1 by USD reserves and subject to regular third-party audits, it is designed to maintain a stable value relative to the US dollar.

This stable value is intended to facilitate a range of use cases, including payments, decentralized finance (DeFi) applications, and cross-border transactions.

In order to maintain transparency and trust, a third-party accounting firm will be auditing these reserve assets on a monthly basis, and Ripple has committed to publishing monthly attestations to further assure the community and relevant authorities.

To aid in the prevention of fraud, Ripple has provided the official channels of communication, including the XRPL explorer, the ERC-20 token address (0xCfd748B9De538c9f5b1805e8db9e1d4671f7F2ec), and the ETH token proxy address (0x8292Bb45bf1Ee4d140127049757C2E0fF06317eD).

This step is intended to safeguard consumers against fraudulent schemes that may exploit the Ripple brand by providing early access to RLUSD, which is currently unavailable for purchase.

In related news, Ripple’s ongoing legal battles with the SEC have seen some recent developments.

As previously covered by Crypto News Flash, Ripple now intends to pay the reduced SEC penalties of $125 million within the next 30 days, following the court’s ruling that XRP is not a security. This marks a significant reduction from the original fine of $2 billion.

Despite this development, it is worth noting that the SEC may still appeal the court’s decision, as legal pundit Jeremy Hogan has previously stated that he anticipates a 60% chance of this occurring.

Should the SEC decide to appeal, it could introduce further delays and uncertainty in resolving Ripple’s regulatory status.

Meanwhile, XRP’s price has been fluctuating notably following Ripple’s partial legal victory, with the token price slipping from a local high above $0.60. At the time of writing, XRP is trading at $0.5859, down 3.43% over the last 24 hours, with a daily trading volume of $1.763 billion.

The above is the detailed content of Ripple Announces Stablecoin RLUSD Has Entered Private Beta on XRP Ledger and Ethereum Mainnet. For more information, please follow other related articles on the PHP Chinese website!