Ripple USD (RLUSD) Begins Beta Testing on XRP Ledger and Ethereum Mainnet

August 10, 2024 William Ross Cryptocurrency News, Stock Market 0

Ripple aims to provide a reliable digital asse

Ripple, a leading blockchain company, has taken a noteworthy step toward expanding its stablecoin offerings. The company recently initiated beta testing for Ripple USD (RLUSD) on both the XRP Ledger (XRPL) and the Ethereum mainnet.

Ripple announced that RLUSD (Ripple USD) is pegged 1:1 to the US dollar (USD) and fully backed by USD deposits, short-term US government treasuries, and other cash equivalents. An independent accounting firm will audit these reserve assets, and Ripple plans to release monthly attestations. The company emphasizes its commitment to transparency and promises to keep the community informed about RLUSD’s progress.

RLUSD Overview:

RLUSD is a stablecoin pegged 1:1 to the US dollar (USD). It is backed by audited reserves, including short-term US government treasuries and other cash equivalents. These reserve assets will undergo regular third-party audits, ensuring transparency and reliability.

Beta Testing and Regulatory Approval:

During the beta phase, RLUSD is being rigorously tested by enterprise partners to meet security and efficiency standards. Regulatory approval is still pending, so RLUSD is not available for purchase or trading at this time, reports CoinPedia.

See Also:  Bitcoin Rejected at $23,000 and Ethereum Breaks $1,500; Here's What Might Be Next: Crypto Market Review, July 19 - U.Today

Future Plans:

The purpose of RLUSD (Ripple USD) is to serve as a stablecoin pegged 1:1 to the US dollar (USD). It’s fully backed by USD deposits, short-term US government treasuries, and other cash equivalents. An independent accounting firm will audit these reserve assets, ensuring transparency.

Ripple aims to expand RLUSD to additional blockchains and decentralized finance (DeFi) protocols.
Once approved, RLUSD will be integrated into Ripple’s cross-border payments solution alongside XRP.

 

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William Ross
About William Ross 268 Articles
I am a cryptocurrency enthusiast and writer with over five years of experience in the industry. I have been following the development and innovation of Bitcoin and Ethereum since their inception, and I enjoy sharing my insights and analysis with readers. I have written for various reputable platforms, such as CoinDesk, Cointelegraph, and Decrypt, covering topics such as market trends, regulation, security, and adoption. I believe that cryptocurrency is the future of finance and technology, and I am passionate about educating and informing people about its benefits and challenges.

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