Ripple Labs Begins Testing Stablecoin on XRP Ledger and Ethereum
10.08.2024 17:00 1 min. read Alexander Stefanov
Ripple Labs, a US-based technology company known for developing the Ripple payment protocol and exchange network, announced on Friday that it has begun testing its stablecoin, RLUSD, on both the XRP Ledger and Ethereum blockchain networks.
The company shared that Ripple USD (RLUSD) is now in private beta on XRP Ledger and Ethereum mainnet. However, Ripple Labs noted that RLUSD has not yet received regulatory approval and is not available for purchase or trading.
The company also warned users to be cautious of scammers who claim they have or can distribute Ripple USD. This development marks a significant milestone and brings the company closer to introducing more high-quality assets to the XRPL, which in turn fosters new opportunities, liquidity, and institutional use cases for users, developers, and applications.
The mainnet version of Ripple USD is also available on Ethereum, with plans to expand to other blockchains and decentralized finance protocols. Currently, Ripple USD is in the beta phase and is being tested by the company’s partners.
This testing phase is crucial for ensuring that the stablecoin meets the highest standards of security, efficiency, and reliability before it becomes widely available, pending regulatory approval.
Stablecoins like RLUSD are designed to be pegged one-to-one with the US dollar, easing exchanges for crypto users and investors.
In other news, Ripple Labs was fined $125 million on Wednesday after a four-year legal battle with the US Securities and Exchange Commission.
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