Ripple Begins Beta Testing of Its Central Bank Digital Currency (CBDC) Candidate, RLUSD, on XRP Ledger (XRPL) and Ethereum

Leading blockchain company Ripple has announced the commencement of beta testing for Ripple USD (RLUSD) on both the XRP Ledger (XRPL) and Ethereum mainnet. This marks a significant milestone in Ripple's efforts to expand the range of high-quality assets available on the XRPL.

With the addition of RLUSD, users, developers, and applications will gain access to new opportunities, enhanced liquidity, and a wider spectrum of institutional use cases. Notably, Ripple USD is also available on Ethereum mainnet, and further integration with additional blockchains and decentralized finance (DeFi) protocols is planned in the future.

It is crucial to note that this phase of testing is designed to ensure that the stablecoin meets the highest standards of security, efficiency, and reliability before it becomes widely available. Following the receipt of necessary regulatory approvals, Ripple will announce the availability of RLUSD for purchase or trading.

In the meantime, the community is advised to be wary of crypto scams that may attempt to capitalize on Ripple's brand and claim to have early access to sell Ripple USD, which is currently unavailable.

Once RLUSD is available, Ripple will utilize both RLUSD and XRP in its cross-border payments solution to cater to the needs of its global customers and elevate their experience.

Highlighting the key features of Ripple USD, the company reveals that the stablecoin is pegged 1:1 to the US dollar (USD) and fully backed by US dollar deposits, short-term US government treasuries, and other cash equivalents.

To ensure transparency and instill trust, a third-party accounting firm will audit these reserve assets, and Ripple will publish monthly attestations.

Concluding the announcement, Ripple expresses its commitment to keeping the community informed on the progress of Ripple USD.

This announcement comes on the heels of a significant development in the SEC lawsuit against Ripple Labs, which culminated in a August 7 ruling by Judge Analisa Torres.

The court ordered Ripple Labs to pay a $125 million penalty, marking a substantial departure from the SEC's request for a staggering $2-billion fine against Ripple Labs for the alleged securities violations.

This ruling was hailed as a victory by Ripple CEO Brad Garlinghouse, and XRP responded positively with a 26% surge, reaching a high of $0.64 on the day of the ruling.

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