Ripple has initiated beta testing of its USD-backed stablecoin, Ripple USD (RLUSD), on the XRP Ledger (XRPL) and Ethereum mainnet. According to the announcement, Ripple wants to bring “high-quality assets to the XRPL,” enhancing liquidity and institutional use cases.
RLUSD is currently unavailable for purchase or trading as it undergoes testing by Ripple’s enterprise partners. The company warns users to be cautious of potential scams exploiting the Ripple brand during this phase.
According to the announcement:
“This phase is crucial for ensuring that the stablecoin meets the highest standards of security, efficiency, and reliability before it becomes widely available, and after receipt of regulatory approval.”
Moreover, Ripple wants to integrate RLUSD and XRP into its cross-border payments solution once the stablecoin becomes available, as well as expand the usage of RLUSD to DeFi protocols.
RLUSD maintains a 1:1 value with the US dollar, backed by US dollar deposits, short
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