Ripple's RLUSD: The Latest Development of a New Stablecoin

Bitime - Ripple, the renowned blockchain company behind XRP, several months ago announced its intention to launch a new cryptocurrency known as Ripple USD (RLUSD). 

This stablecoin will be pegged to the US dollar, offering the stability of value that many crypto users are looking for. 

Since the announcement, developments regarding RLUSD have continued to roll out, and now Ripple has begun the crucial testing phase for its official launch.

Testing RLUSD on XRPL and Ethereum

In early April 2024, Ripple revealed plans to launch RLUSD scheduled for later this year. 

More than a month later, the company went a step further by filing a trademark application for the ticker “RLUSD.” This filing marks a significant step towards the realization of the new stablecoin.

Yesterday, Ripple announced that RLUSD is now undergoing extensive testing on two major blockchain networks: XRP Ledger (XRPL) and Ethereum (ETH). In the announcement, Ripple stated:

"Ripple USD is currently in the pre-beta phase and is being thoroughly tested by our business partners. This phase is critical to ensuring that this stablecoin meets the highest standards of security, efficiency and reliability before its general launch, after obtaining the necessary regulatory approvals ."

Ripple emphasized that RLUSD has not yet received regulatory approval and therefore, is not yet available for purchase or trading. 

They also warn to be wary of scams claiming to own or be able to distribute RLUSD.

Also read: Latest XRP Price: Rise, Analysis, and 2024 Outlook

RLUSD Joins XRP

RLUSD will be backed 100% by US dollar deposits, short-term US Treasury bonds, and other cash equivalents. 

These reserves will be audited by a third-party accounting firm, and Ripple will publish monthly reports to ensure transparency and confidence in the stability of RLUSD.

When it was first announced in April, it was known that RLUSD would launch on Ripple's XRPL blockchain as well as Ethereum. Ripple also plans expansion into other networks and DeFi protocols in the future.

This stablecoin will function alongside XRP in Ripple's cross-border transaction solution, known as 'Ripple Payments.' 

The presence of RLUSD is expected to strengthen the Ripple ecosystem, offering a stable alternative for users making international transactions.

Important Steps Towards Launch

The testing currently underway is an important part of RLUSD's launch preparations. Ripple strives to ensure that these stablecoins meet the highest standards before being released to the public. 

As launch approaches, RLUSD has the potential to be a significant addition to the crypto world, especially for those seeking stability in digital trading.

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