Ripple has announced the launch of Ripple USD (RLUSD), a new stablecoin in beta on the XRP Ledger (XRPL) and Ethereum mainnet. This development marks a milestone in Ripple’s efforts to introduce more high-quality assets to the XRPL, potentially driving new opportunities, liquidity, and institutional use cases across the platform.
RLUSD is pegged 1:1 to the US dollar and designed to meet the demand for a stablecoin that provides trust, stability, and utility in the rapidly evolving digital finance landscape. In its current beta phase, Ripple’s enterprise partners are rigorously testing RLUSD to ensure it meets the highest standards of security, efficiency, and reliability.
This phase is critical for addressing any potential issues before the stablecoin becomes widely available, pending regulatory approval. Consequently, RLUSD is not yet available for purchase or trading. Ripple has issued a cautionary note to the public to beware of scammers claiming to offer or distribute RLUSD, as such claims are fraudulent.
Ripple’s decision to launch RLUSD stems from a growing market demand for stablecoins, particularly those that offer robust backing and transparency. RLUSD is 100% backed by US dollar deposits, short-term US government treasuries, and other cash equivalents.
This stablecoin is not only pegged to the US dollar but also backed by reserve assets that will be audited by a third-party accounting firm. Ripple has committed to publishing monthly attestations to ensure transparency and build trust within the community.
In addition to the XRP Ledger, the mainnet version of RLUSD is available on Ethereum, with plans to expand its reach to other blockchains and decentralized finance (DeFi) protocols. This cross-platform availability is expected to enhance the utility and accessibility of RLUSD, making it a versatile tool for users, developers, and applications across different ecosystems.
XRP Wins Big Against SEC: Court Confirms It’s Not a SecurityBesides, Ripple plans to integrate RLUSD with its cross-border payments solution to improve global customer experiences. Ripple’s foray into the stablecoin market aligns with broader industry trends, as the market is projected to grow significantly in the coming years. The company’s experience in building enterprise financial solutions over the past decade positions it well to address the needs of this growing market, which is expected to reach $2.8 trillion by 2028.
