TL;DR
- Ripple has begun testing its stablecoin RLUSD on XRP Ledger and Ethereum, but it is not yet available for purchase or trading.
- RLUSD is designed to complement the XRP token and compete with stablecoins such as USDT and USDC, which dominate the market.
- The XRP token has lost 6.4% of its value in the last 24 hours, trading at $0.58, although it is in the process of recovering from a recent drop.
Ripple has initiated the testing phase for its new stablecoin, Ripple USD (RLUSD), on two major blockchain networks: XRP Ledger and Ethereum. This is a significant development for the cross-border payments company, which had announced its intention to launch a stablecoin sometime this year.
The RLUSD test is currently in a private beta phase, and the stablecoin has not yet received the necessary regulatory approval, meaning it is not available for purchase or trading at this time. Ripple has warned users about possible scams claiming to have or distribute the new asset.
Testing, testing…RLUSD! We’re excited to share that Ripple USD (RLUSD) is now in private beta on XRP Ledger and Ethereum mainnet. RLUSD has not yet received regulatory approval and therefore is not available for purchase or trading – please be cautious of scammers who claim they…
— Ripple (@Ripple) August 9, 2024
The RLUSD stablecoin is designed to complement the XRP token, which is the cryptocurrency backing the XRP Ledger network. The integration aims to enhance the functionality of the XRP ecosystem while offering a new option in a market dominated by stablecoins like USDT and USDC.
Ripple Warns of Possible Scams Related to RLUSD
Ripple’s goal is to rival these leading stablecoins, which together constitute a major part of the total stablecoin supply, which reached $172.29 billion as of August 9. USDT and USDC represent $121.62 billion and $36.38 billion of the total supply, respectively.
The XRP token lost 6.4% of its value in the last 24 hours, trading at $0.58 at the time of publication. However, the cryptocurrency is in the process of recovering after a sharp drop that occurred a few days ago, where its value fell below $0.44.
Ripple has emphasized that RLUSD, like other stablecoins, has the potential to facilitate more stable and predictable transactions within the ecosystem, being tied to the value of the US dollar. However, the user community must wait for the completion of testing and regulatory approval before it becomes available for general trading.
