Ripple USD Commences Trials on XRP Ledger Mainnet

Ripple has initiated the beta testing phase for Ripple USD (RLUSD) on the XRP Ledger (XRPL) and Ethereum mainnet, marking a significant advancement in bringing top-tier assets to the XRPL. This move aims to foster fresh opportunities, enhance liquidity, and facilitate institutional use cases for a broad spectrum of users, developers, and applications. The deployment of Ripple USD on the Ethereum mainnet is a notable development, with future plans to extend its presence to additional blockchains and decentralized finance (DeFi) protocols.

The current phase sees Ripple USD in beta mode, undergoing rigorous evaluation by enterprise partners to ensure the stablecoin aligns with the highest standards of security, efficiency, and dependability before its widespread availability post-regulatory approval. As of now, Ripple USD remains unavailable for purchase or trading, urging caution against potential crypto scams that may falsely claim early access to selling Ripple USD.

The demand for stablecoins that offer reliability, trust, and practicality is evident. Once RLUSD is accessible, Ripple intends to leverage both RLUSD and XRP in its cross-border payment solutions to cater to its global clientele and significantly enhance their transactional experiences. With a solid foundation in building enterprise financial solutions spanning over a decade, Ripple is well-positioned to introduce a stablecoin that taps into a market forecasted to expand to nearly $2.8 trillion by 2028.

Ripple USD is pegged at a 1:1 ratio to the US dollar (USD) and fully backed by US dollar deposits, short-term US government treasuries, and other cash equivalents. These reserve assets will undergo auditing by a third-party accounting entity, with Ripple committing to releasing monthly attestations to uphold transparency.

Ripple remains dedicated to keeping the community informed about the progress of Ripple USD, expressing gratitude for the community’s patience and excitement as efforts are channeled into establishing RLUSD as a robust and trustworthy stablecoin for all. The company emphasizes the collaborative nature of shaping the future of digital finance and encourages stakeholders to stay tuned for further updates and announcements concerning Ripple USD.