Ripple announced a few months ago that it wants to launch a new cryptocurrency on the market in addition to XRP. It concerns a stablecoin pegged to the US dollar called Ripple USD (RLUSD). Ripple has now started testing the stable cryptocurrency, which seems to be the next big step towards a launch.
RLUSD tests on XRPL and Ethereum
In early April, Ripple revealed plans to launch its RLUSD stablecoin later this year. More than a month later, the U.S. company took another step in the development of the stablecoin by filing a trademark application for the ticker “RLUSD.”
The company has taken another important step towards the launch of Ripple USD. Yesterday, the American company announced that the coin is now being extensively tested on both its own XRP Ledger (XRPL) and on Ethereum (ETH).
The following was written in the announcement:
”Ripple USD is currently in the pre-beta phase and is being thoroughly tested by our business partners. This phase is crucial to ensure that the stablecoin meets the highest standards of security, efficiency, and reliability before it becomes generally available, and after the necessary regulatory approvals have been obtained.”
Ripple emphasizes that RLUSD has not yet received regulatory approval and is therefore not yet available for purchase or trading. “Please be wary of scammers claiming to have or be able to distribute Ripple USD,” Ripple warned.
RLUSD Joins XRP
RLUSD will be 100% backed by US dollar deposits, short-term US Treasury bonds, and other cash equivalents. These reserves will also be audited by a third-party accounting firm, and Ripple will publish monthly statements to ensure transparency and confidence in the stability of RLUSD.
Back when it was announced in April, it was known that Ripple’s new crypto would initially launch on its own XRPL blockchain and that of Ethereum, with plans to expand to other networks and DeFi protocols in the future.
RUSD will be used alongside XRP in Ripple’s cross-border transaction solution, also known as ‘Ripple Payments’.
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Source: https://newsbit.nl/nieuwe-rlusd-stablecoin-van-ripple-in-testfase-lancering-nadert/
