Ripple Begins RLUSD Stablecoin Beta Testing

Ripple has commenced beta testing of its Ripple USD (RLUSD) stablecoin on the XRP Ledger and Ethereum, with plans to expand to other blockchains and DeFi protocols. RLUSD is pegged to the US dollar and backed by US dollar reserves, short-term US Treasuries, and cash equivalents, ensuring a 1:1 value ratio. The company aims to ensure the highest standards of security, efficiency, and reliability through rigorous testing with enterprise partners and third-party audits. Ripple cautions users against scams as the stablecoin has not yet received regulatory approval and is not available for public trading. This initiative aligns with Ripple's strategy to leverage stablecoins for cross-border payments, a market projected to grow significantly by 2028. However, Ripple faces stiff competition from established players like Tether (USDT) and Circle's USDC in the $160 billion stablecoin market.