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In the latest development, Ripple has announced that it has begun beta testing Ripple USD (RLUSD) on the XRP Ledger (XRPL) and Ethereum mainnet. It underscored that this is a significant milestone and a step closer to bringing more high-quality assets to the XRPL, driving new opportunities, liquidity, and institutional use cases for users, developers, and applications.
Ripple also stated that the mainnet version of Ripple USD is also available on Ethereum, with plans to expand to additional blockchains and decentralized finance (DeFi) protocols over time.
RLUSD Not Yet Available For Trading
It has stressed the phase as crucial for ensuring that the stablecoin meets the highest security, efficiency, and reliability standards before it becomes widely available and after receipt of regulatory approval. Therefore, Ripple USD is not available for purchase or trading at this time.
Until then, it has asked the community to be cautious of crypto scams that may exploit Ripple’s brand and purport to have early access to sell Ripple USD, which is not available now.
It highlighted that once RLUSD is available, Ripple will use both RLUSD and XRP in its cross-border payments solution to serve its global customers and dramatically improve their experience.
RLUSD Valued 1:1 To USD!
Ripple revealed that the Ripple USD is valued at 1:1 to the US dollar (USD) and 100% backed by US dollar deposits, short-term US government treasuries, and other cash equivalents. A third-party accounting firm will audit these reserve assets, and Ripple will publish monthly attestations.
Ripple concluded, expressing its commitment to transparency, and said that it will keep the community updated on the progress of Ripple USD.
Ripple’s Bags Major Victory Against SEC
This announcement follows an August 7 ruling from Judge Analisa Torres, imposing a $125 million penalty on Ripple Labs in the SEC lawsuit. Ripple CEO Brad Garlinghouse lauded the penalty as a victory against the SEC, as the penalty was not even close to the fine that the SEC, had requested the court to impose a staggering $2-billion fine against Ripple Labs for the alleged securities violations.
XRP responded positively to the news as it soared by 26% and reached a high of $0.64 on the day of the ruling.
Read Also: XRP Reverses Its Gains as Open Interest Drops by Nearly 10%! Here’s What’s Next for XRP Price
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