Private Beta Launch of Ripple USD (RLUSD) on XRP Ledger and Ethereum Mainnet
Ripple has recently unveiled the private beta launch of its stablecoin, Ripple USD (RLUSD), on both the XRP Ledger and Ethereum mainnet. This development signifies a significant step forward in Ripple’s ongoing mission to introduce top-tier assets to the XRP Ledger, potentially unlocking fresh opportunities, liquidity, and institutional applications for a diverse range of users, developers, and platforms.
It is crucial to note that RLUSD has not yet received regulatory clearance, and as a result, it is not currently available for purchase or trading. Ripple has issued a warning to the community to remain vigilant against fraudulent entities that falsely assert possession or the ability to distribute RLUSD.
The stablecoin RLUSD is designed to maintain a consistent 1:1 value ratio with the US dollar (USD) and will be fully supported by a blend of US dollar deposits, short-term US government treasuries, and other similar cash equivalents. To ensure transparency and instill trust, an external accounting firm will conduct regular audits of these reserve assets, with Ripple committing to releasing monthly attestations.
The introduction of RLUSD aligns with Ripple’s strategic positioning in a market forecasted to surpass $2.8 trillion by 2028, underscoring its dedication to playing a pivotal role in the burgeoning stablecoin sector. To combat fraud, Ripple has furnished official contact details for its channels, including the XRPL explorer, the ERC-20 token address (0xCfd748B9De538c9f5b1805e8db9e1d4671f7F2ec), and the ETH token proxy address (0x8292Bb45bf1Ee4d140127049757C2E0fF06317eD).
These measures aim to shield consumers from potential scams that may exploit the Ripple brand by offering premature access to RLUSD, which remains unavailable for purchase at present. In other news, Ripple’s legal disputes with the SEC have shown progress, with Ripple planning to settle reduced SEC fines of $125 million within the next month, affirming the court’s ruling that XRP does not qualify as a security.
While the initial fine stood at $2 billion, the court’s decision significantly reduced it. Nonetheless, there is a possibility of the SEC appealing the ruling, with attorney Jeremy Hogan estimating a 60% chance of an appeal. This ongoing legal uncertainty may impact Ripple’s regulatory environment.
Following Ripple’s legal victory, XRP’s price has experienced notable fluctuations. After briefly surpassing $0.60, the price has now dipped below this threshold. At the time of writing, XRP is trading at $0.5859, reflecting a 3.43% decline over the past 24 hours, with a daily trading volume of $1.763 billion.
