Cryptocurrency issuer XRP announced the start of closed beta testing of its new stablecoin Ripple USD (RLUSD) in blockchains XRP Ledger and Mainnet Ethereum

We are pleased to announce that Ripple USD (RLUSD) is currently undergoing closed beta testing in XRP Ledger and Mainnet Ethereum. RLUSD has not yet

Cryptocurrency issuer XRP has announced the start of closed beta testing of its new stablecoin, Ripple USD (RLUSD), on the XRP Ledger and Mainnet Ethereum blockchains.

"We are pleased to announce that Ripple USD (RLUSD) is now undergoing closed beta testing on XRP Ledger and Mainnet Ethereum. RLUSD has not yet received regulatory approval and is therefore not available for purchase or trading. Please be careful with scammers,” representatives shared the news Ripple.

Earlier it became known that the stablecoin RLUSD is pegged to the US dollar, and to back it up, Ripple will use bank deposits, government bonds, and its assets. The company also promised to publish monthly reports on stablecoin reserves and use a third-party accounting firm to conduct audits.

For the first time, the CEO announced plans to enter the stablecoin market, the capitalization of which could reach $3 trillion by 2030, Ripple Brad Garlinghouse at the Consensus 2024 event in late May 2024. President Ripple Monica Long said that the company will probably launch its stablecoin this year already.

The new asset in the stablecoin market from Ripple will face competition from two major players - Tether (USDT) and Circle (USDC), which now account for a large share of transactions in this asset class.

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