Ripple has initiated the private beta testing of its new stablecoin, Ripple USD (RLUSD), on both the XRP Ledger and Ethereum mainnet. RLUSD is pegged to the U.S. dollar and is overcollateralized, backed 1:1 by U.S. dollars, government treasuries, and cash equivalents. The stablecoin is currently not available for purchase or trading as it awaits regulatory approval. Ripple's move is seen as a strategic effort to compete with established stablecoins like USDT and USDC.
.@Ripple starts testing its stablecoin RLUSD on XRP Ledger and Ethereum via @pelimatos https://t.co/uJ2zilejrA
The first tests of its U.S. dollar-pegged stablecoin, RLUSD, have been announced by @Ripple. These tests are on the #XRP ledger (XRPL) and #Ethereum mainnets. According to Ripple Labs, the stablecoin will be overcollateralized. This means each unit of RLUSD is backed by USD… https://t.co/iVQuTvYG59
⚖️ Ripple started testing its RLUSD stablecoin It's waiting for regulatory clearance to launch Read more here: https://t.co/wW8FoGxx7S
