Ripple Launches RLUSD Stablecoin on XRP Ledger and Ethereum

You may find it exciting that Ripple is making headlines once more! On the Ethereum mainnet as well as the XRP Ledger (XRPL), the massive fintech company has started beta testing Ripple USD (RLUSD), the much awaited stablecoin. With the goal of bringing premium assets to the XRPL, this development represents a significant turning point for Ripple. Increasing liquidity, drawing in institutional use cases, and opening up new doors for users, developers, and applications are the objectives.

Ripple may need this success after a tense legal battle with the SEC. Further details are provided below.

Where Is the Ripple USD Available?

With intentions to eventually extend to more blockchains and decentralized finance (DeFi) protocols, the Ripple USD is now accessible on Ethereum's mainnet. This testing stage is essential to guarantee that Ripple USD satisfies the highest requirements for efficiency, security, and dependability before to its widespread release, which will occur following regulatory approval. Ripple USD is not yet available for buying or trading.

Remain Vigilant!

Ripple cautions the public about possible con artists. It's possible for some people to use Ripple's name improperly in order to pretend they have early access to the unreleased Ripple USD.
Ripple plans to integrate XRP and RLUSD with its cross-border payments system when RLUSD formally launches. This will improve transaction efficiency and reliability, which will improve the global consumer experience.

What is the RLUSD's current value?

Ripple USD will be fully backed by US dollar deposits, short-term US government treasuries, and other cash equivalents, and its value will be set at a 1:1 ratio with the US dollar (USD). These reserves will be audited by an independent accounting firm, and Ripple will make monthly attestations available to maintain openness.

SEC: 0, ripple: 1.

This announcement comes after Judge Analisa Torres' August 7 judgment, which fined Ripp $125 million. This is just the beginning. It is still early to see RLUSD and XRP reach their full potential.in the SEC litigation, le Labs. The sentence was not even close to the $2 billion that the SEC had asked the court to impose against Ripple Labs for the alleged securities crimes. Ripple CEO Brad Garlinghouse celebrated the penalty as a triumph against the SEC.

In response to the good news, XRP shot up 26%, peaking at $0.64 on the day of the verdict.