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.

See Also:  Nigeria Demands $10 Billion from Binance in Compensation

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.

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.

 

Related Stories:

Ripple's XRP ServicesRipple’s XRP Price Falls 5% as Bitcoin and Ethereum Prices Also Decline Ripple Backs Kamala Harris as XRP Faces a 50% Decline Against BitcoinXRP Ledger and Ripple Take a Quantum Leap by Introducing Hooks Sidechain with XRP as Native Asset XRP Price Explodes Over 70% as Judge Rules In Favor of Ripple in SEC Case XRP, the native cryptocurrency of the Ripple network, has surged by more than 70% in the past 24 hours, reaching its highest level since May. The price spike came after a U.S. judge denied the Securities and Exchange Commission's (SEC) request to access Ripple's legal communications. What is the SEC's lawsuit against Ripple? The SEC filed a lawsuit against Ripple and its executives in December 2020, alleging that they sold $1.3 billion worth of XRP as unregistered securities. Ripple has argued that XRP is not a security, but a digital asset that is used for cross-border payments and remittances. The company also claimed that the SEC did not provide fair notice to the market about its regulatory status. How did the judge rule in favor of Ripple? On June 30, U.S. Magistrate Judge Sarah Netburn denied the SEC's motion to compel Ripple to produce documents related to its legal advice on XRP. The judge ruled that Ripple's communications with its lawyers are protected by attorney-client privilege, and that the SEC failed to show a "substantial need" to access them. The judge also noted that the SEC's request was "overly broad" and "disproportionate". What does this mean for XRP and the crypto market? The judge's ruling is seen as a major victory for Ripple and a setback for the SEC, as it could weaken the agency's case against the company. The ruling also boosted the confidence of XRP investors, who have been waiting for a resolution of the legal dispute. XRP's price jumped from around $0.6 to over $1 in a matter of hours, making it one of the best-performing cryptocurrencies in the market. The rally also lifted other altcoins, such as Stellar, Cardano, and Dogecoin. What are the next steps in the lawsuit? The lawsuit is still ongoing, and both parties are expected to continue their discovery process until August 31. The SEC has also filed a motion to extend the deadline for fact discovery by 60 days, citing the complexity of the case and the need for more time to review documents. Ripple has opposed this motion, arguing that it would cause further harm to its business and customers. The judge has not yet ruled on this motion. Conclusion XRP's price has exploded over 70% as a U.S. judge ruled in favor of Ripple in its lawsuit with the SEC. The ruling denied the SEC's request to access Ripple's legal communications, which are protected by attorney-client privilege. The ruling is seen as a major win for Ripple and a boost for XRP investors, who have been waiting for a positive outcome of the case. The lawsuit is still ongoing, and both parties are expected to continue their discovery process until August 31.XRP remains outside Ripple’s Liquidity Club even after 5 months? Here’s how Ripple CTO reacts Ripple Chief Monica Long Makes the Case for Crypto in the New York TimesRipple vs SEC Lawsuit Latest: A Pro-Ripple Lawyer Reveals Shocking Facts Ripple's IPO Uncertain Amidst SEC ScrutinyRipple’s IPO Could Be Delayed Due to Regulatory Hurdles XRP Skyrockets 26% Following New York Judge’s Ruling in SEC LawsuitRipple CEO Brad Garlinghouse: XRP Can Outshine Bitcoin and Solve a Billion-Dollar Problem NASA to launch drought tracking satelliteNASA Confirms Launch Date for Its Massive Moon Rocket How Binance's XRPL Network Outage Sparked a Backlash from XRP ArmyXRP Struggles and Down by 9% as SEC v Ripple Case Heats Up
William Ross
About William Ross 287 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.

Be the first to comment

Leave a Reply

Your email address will not be published.