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Highlights
- Ripple starts testing its stablecoin RLUSD, fueling crypto market speculations.
- The blockchain firm launches private beta of stablecoin RLUSD on XRP Ledger and Ethereum mainnet.
- RLUSD launch follows Ripple's recent legal victory in the SEC lawsuit, which fuels market interest.
Ripple has recently revealed a major update on its stablecoin, RLUSD, which has gained notable traction from crypto market enthusiasts. In a recent X post, the blockchain firm said that it has started testing on its stablecoin and its private beta is on XRP Ledger and Ethereum mainnet. The announcement, just after Judge Torres’s ruling in the long-running Ripple Vs. SEC lawsuit has fueled discussions in the crypto market.
Ripple Stablecoin RLUSD Enters Beta Phase
Ripple has officially begun testing its RLUSD stablecoin, a move that is seen as a major milestone for the blockchain firm and the broader crypto market. In a recent post, Ripple shared that RLUSD is now in private beta on both the XRP Ledger and the Ethereum mainnet.
However, the company emphasized that RLUSD is still in its testing phase and has not yet received regulatory approval. It has cautioned users to be wary of potential scams claiming early access to the stablecoin.
Meanwhile, the RLUSD stablecoin is pegged 1:1 to the US dollar. Besides, it is said to be fully backed by US dollar deposits, short-term US government treasuries, and other cash equivalents.
In addition, Ripple has assured that these reserve assets will be audited by a third-party accounting firm. The company will provide monthly attestations to ensure transparency.
The latest press release highlights that this beta phase is crucial for testing the stability, security, and efficiency of RLUSD before it becomes widely available, pending regulatory approval. In addition, this launch is particularly noteworthy in light of Ripple’s recent legal victory in the Ripple vs. SEC lawsuit.
Meanwhile, in the latest lawsuit update, Judge Torres ruled that Ripple had violated securities laws in 1,278 institutional sales transactions, resulting in a $125 million penalty. The timing of this RLUSD announcement has fueled further interest in the crypto community, as Ripple continues to push forward despite the legal challenges.
What’s Next?
The introduction of RLUSD is expected to have significant implications for the cryptocurrency market, particularly in the realm of cross-border payments. Ripple has stated that once RLUSD receives regulatory approval, it will be integrated into its global payments solution alongside XRP, enhancing the efficiency and reach of its services.
Meanwhile, the announcement of RLUSD’s private beta has already generated buzz, especially given the growing demand for stablecoins that offer trust, stability, and utility. With the stablecoin market projected to grow to over $2.8 trillion by 2028, Ripple is focusing on being a leading player in the space.
As of writing, XRP price was down about 7% to $0.5784, with its trading volume declining 56% to $2.56 billion. However, despite the recent volatility, the crypto’s price soared around 3% lately.
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