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Ripple commenced beta testing of Ripple USD (RLUSD) on the XRP Ledger and Ethereum mainnet on August 9.
As stated in an official announcement from Ripple, the beta phase will include active testing by enterprise partners to verify that the stablecoin adheres to security and reliability standards prior to broader availability and regulatory compliance.
Testing, testing…RLUSD! We’re pleased to announce that Ripple USD (RLUSD) is now in private beta on XRP Ledger and Ethereum mainnet. RLUSD has not yet obtained regulatory approval and is therefore not available for purchase or trading – please be wary of scammers who claim they…
— Ripple (@Ripple) August 9, 2024
Ripple Unveils Stablecoin RLUSD
The organization intends to extend the stablecoin to more blockchains and decentralized finance (DeFi) protocols in the future. Currently, RLUSD is not available for trading or purchase.
“There is a distinct demand for stablecoins that provide trust, stability, and utility,” the statement notes. “Once RLUSD is accessible, Ripple will utilize both RLUSD and XRP in its cross-border payments solution to cater to its global clientele and significantly enhance their experience.”
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The announcement highlighted that the company is focusing on the stablecoin market, anticipating it will reach $2.8 trillion by 2028. The coin will be fully backed by U.S. dollar deposits, short-term U.S. government treasuries, and other cash equivalents.
Furthermore, the reserve assets will be subject to audits by an independent accounting firm, with Ripple pledging to provide monthly attestations.
“Ripple is dedicated to transparency and will keep the community informed about the progress of Ripple USD,” the company stated. “We appreciate your patience and enthusiasm as we strive to make RLUSD a robust and dependable stablecoin for all.”
XRP Ledger Introduces Tokenized US Treasury Bills
Recently, Ripple enhanced the functionality of its XRP Ledger (XRPL) by launching tokenized U.S. Treasury bills (T-bills) on the platform. This initiative is part of a partnership with OpenEden, a leading provider of tokenized real-world assets (RWA).
The collaboration aims to introduce short-term U.S. government debt obligations, backed by the Department of Treasury, to XRPL users, potentially paving the way for greater institutional adoption of DeFi solutions.
“The tokenization of T-bills onto the XRPL illustrates how institutional access to DeFi is being propelled by the tokenization of traditional RWAs,” the release stated.
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