Ripple Labs began testing its dollar-pegged stablecoin on the XRP Ledger (XRPL) and Ethereum mainnets. The asset isn’t yet available to users.
The Ripple Labs team announced the launch of beta testing of the Ripple USD (RLUSD) dollar-pegged stablecoin on the XRPL and Ethereum blockchains.
The stablecoin is being tested in transactions involving Ripple Labs’ partners and is yet to be available to the public. The company warned users of potential scammers offering early access to RLUSD.
The company plans to launch RLUSD on other blockchains in the future. The asset will be backed by U.S. dollar deposits, short-term U.S. government Treasuries, and other fiat funds of the company. Ripple Labs representatives also revealed that the stablecoin will be subject to third-party audits of reserves, attestations will be published monthly.
Despite rumors about Ripple’s possible refusal to use the XRP token in favor of the new stablecoin, the company confirmed that it intends to work with both assets.
Ripple plans to release its stablecoin in 2024 after receiving approval from regulators. By the way, testing of RLUSD began two days after the court ruling in the SEC vs. Ripple Labs case, in which the company was fined $125 million.
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