Testing Begins-
RLUSD Begins Testing on XRP Ledger and Ethereum Mainnet
Ripple has rolled out Ripple USD (RLUSD) in a private beta phase on both the XRP Ledger and Ethereum mainnet.
The new stablecoin is pegged at 1:1 to the US dollar (USD) and is fully backed by deposits in US dollars, short-term US government treasuries, and other types of cash equivalents.
In order to achieve transparency, Ripple has promised third-party audits of these reserve assets, with monthly attestations expected to be published.
Also Read: Ripple News: RLUSD Stablecoin Launch & SEC Lawsuit Speculation
A Milestone for XRP Ledger & Ripple’s Ecosystem
For Ripple, the launch of RLUSD is a notable achievement, a move towards upgrading the XRP Ledger through high-quality assets.
This progress will bring about improved liquidity, create additional possibilities and offer assistance to the institutions using its users, developers and applications.
Introducing RLUSD marks an impressive future replete with opportunities for both the XRP Ledger and other digital asset sectors that Ripple is looking into developing further.
Caution Against Scams:
RLUSD Not Yet Available for Trading
Despite the excitement surrounding RLUSD, Ripple has issued a clear warning: the stablecoin has not yet received regulatory approval and is currently not available for purchase or trading.
The company urges caution, advising the public to be aware of potential scammers who may falsely claim to distribute RLUSD. Ripple encourages users to stay informed through official channels and sign up for updates to avoid misinformation.
This testing phase is a crucial step towards a new era of stablecoins on the XRP Ledger and Ethereum mainnet.
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