On August 9, Ripple launched the beta testing phase for its new stablecoin, Ripple USD (RLUSD), on both the XRP Ledger and Ethereum mainnet. According to the official announcement, this beta phase will involve rigorous testing by enterprise partners to ensure that the stablecoin meets the highest standards of security and reliability. This step is essential before RLUSD can be made widely available and meet regulatory requirements.
Ripple emphasized caution, stating that RLUSD has not yet received regulatory approval. Therefore, it is currently unavailable for purchase or trading. The company warned users to be aware of potential scammers who might claim otherwise.
Expanding RLUSD’s Reach
Ripple has future plans to extend the use of RLUSD to additional blockchains and decentralized finance (DeFi) protocols. As of now, RLUSD is not available for trading or purchase. The company noted the growing demand for stablecoins that offer trust, stability, and utility. Once RLUSD becomes available, Ripple intends to integrate both RLUSD and XRP into its cross-border payments solution, aiming to enhance the global customer experience.
Ripple projects that the stablecoin market could reach $2.8 trillion by 2028. RLUSD will be fully backed by U.S. dollar deposits, short-term U.S. government treasuries, and other cash equivalents. Additionally, the reserve assets will undergo regular audits by an independent accounting firm, with Ripple pledging to release monthly attestations.
Ripple has expressed its commitment to transparency, promising to keep the community informed about the progress of RLUSD. The company also thanked users for their patience and enthusiasm as it works to develop RLUSD into a reliable and robust stablecoin.
XRP Ledger Introduces Tokenized U.S. Treasury Bills
In a recent development, Ripple has expanded the utility of its XRP Ledger (XRPL) by introducing tokenized U.S. Treasury bills (T-bills) onto the platform. This initiative is part of Ripple’s partnership with OpenEden, a leading provider of tokenized real-world assets (RWA).
The collaboration aims to bring short-term U.S. government debt obligations, backed by the Department of Treasury, to XRPL users. This move could potentially pave the way for greater institutional adoption of DeFi solutions, showcasing how the tokenization of traditional RWAs is driving institutional access to DeFi.
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