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Ripple Begins Testing RLUSD Stablecoin on Ethereum & XRP
After its lawsuit resolution, Ripple is getting to work on beta testing of Ripple USD.
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Fresh off the end of a years-long legal battle with the SEC, which, despite ending with a $125M fine for Ripple, was largely seen as a victory for the crypto startup. Ripple is beginning testing its RLUSD stablecoin on Ethereum and XRP.
What's the scoop?
- Beta Testing on Ethereum and XRP Ledger: Ripple announced the beta testing of its stablecoin, Ripple USD (RLUSD), on both the Ethereum mainnet and XRP Ledger.
- Stablecoin Backing and Audits: Backed by short-term U.S. Treasuries, dollar deposits, and cash equivalents, RLUSD will undergo third-party audits and have monthly attestations.
- Phased Rollout: Currently in its beta phase, RLUSD is being tested by Ripple's enterprise partners before wider availability, pending regulatory approval, which would make it tradeable.
Bankless Take:
Ripple looks to be hitting the ground running after its settlement this week. RLUSD will face major competition, though, against larger, more established plays like Tether's USDT and Circle's USDC, which currently dominate the market. Given the methods we’ve seen PYUSD employ to gain market share like launching incentive programs in DeFi, it will be interesting to see if Ripple takes a similar approach for RLUSD.
XRP Pumps As Ripple Trial Ends with $125M Fine on Bankless
The SEC’s planned mega-fine was slashed considerably by a federal judge.
David C