Ripple has started testing the stablecoin RLUSD

Ripple announced the start of a closed beta test stable RLUSD on XRP Ledger network and Ethereum mainnet.

Test, test … RLUSD! We are excited to share that Ripple USD (RLUSD) is now in private beta on XRP Ledger and Ethereum mainnet. RLUSD has not yet received regulatory approval and is therefore not available for purchase or trading – please beware of scammers claiming to be…

– Ripple (@Ripple) August 9, 2024

According to the press release, RLUSD has not yet received regulatory approval and is therefore not available for purchase or sale. The team urged him to be vigilant because of scammers who may claim to distribute the stable.

“There is a clear demand for stablecoins that provide reliability, stability and convenience. […] With over a decade of experience creating enterprise finance solutions, Ripple is well positioned to launch a stable,” the publication said.

RLUSD is backed by dollar deposits, short-term US Treasuries and other cash equivalents. The reserves will be audited by a third-party accounting firm, and Ripple has promised to publish monthly reports.

“Once RLUSD is available, Ripple will use both RLUSD and XRP in cross-border payments to serve its global customers and greatly improve their experience,” the company said.

In 2023, Bernstein experts predict to grow the stablecoin market to $2.8 trillion in the next five years. Ripple used a link to the analyst’s report in its press release to confirm the feasibility of the venture.

according to CoinGeckothe undisputed leader among stables remains USDT. With a total capitalization of $166 billion, Tether remains close to a 70% share with a mark of $115 billion.

Closest competitor – USDC – the total market value is $34.4 billion This is only a 21% share.

Let us remind you that according to the results of the first half of 2024, Tether received the highest net a profit of $5.2 billion. In June the deliverer introduced the aUSDT token backed by Tether Gold (XAUT) in the Alloy line of “linked assets”.

In July, the US Securities and Exchange Commission the study stopped There is information about the conversion of the stablecoin to cash from a crypto exchange Binance and the issuer Paxos.

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