Ripple Commences Beta Testing of USD-Backed Stablecoin on XRP Ledger

Share this!

Published: August 10, 2024

Ripple has begun beta testing its new stablecoin, Ripple USD (RLUSD), on the XRP Ledger (XRPL) and Ethereum mainnet. The stablecoin, backed 1:1 by US dollar reserves, is aimed at enhancing liquidity, driving institutional use, and supporting cross-border payments. Currently undergoing rigorous testing by enterprise partners, RLUSD is not yet available for purchase or trading. Ripple plans to expand the stablecoin to additional blockchains and decentralised finance protocols, positioning it to meet growing demand in the digital finance sector.

Ripple emphasises caution against scams falsely claiming early access to RLUSD, highlighting the importance of security and transparency as it prepares for a full launch pending regulatory approval. Regular audits and monthly attestations of RLUSD’s reserve assets will be provided by a third-party firm.

Ripple has stated that RLUSD will be integrated with its existing cross-border payment solutions alongside XRP, aiming to improve the user experience globally.

For more information, visit: https://ripple.com/insights/a-new-era-of-stablecoins-ripple-usd-begins-testing-on-the-xrp-ledger-mainnet/

About the Foundation

Whilst most CBDC experiments have involved private sector technology providers, the overwhelming majority of these experiments, to date, have not involved participation from other private sector actors. The Digital Pound Foundation is unique in proposing a model whereby the public and private sectors can fully engage in the design, development and adoption of a digital Pound, thus contributing to its successful roll-out and helping drive forward the UK’s transition to a digital economy.

Join our community

Collaborate with other members through our various working groups, discussing and building concepts around use cases and payments, innovative approaches to privacy, identity, and sustainability, and addressing legal and regulatory concerns collaboratively. Join our events, both in-person and online, and participate across our panel discussions, roundtables, and webinars. Meanwhile, our audience is large and growing quickly, providing members with additional outlets to share and amplify their latest news and developments.