Ripple announced that it has begun beta testing Ripple USD (RLUSD) on the XRP Ledger (XRPL) and Ethereum mainnet. „This is a significant milestone and a step closer to bringing more high-quality assets to the XRPL, driving new opportunities, liquidity, and institutional use cases for users, developers, and applications. The mainnet version of Ripple USD is also available on Ethereum, with plans to expand to additional blockchains and decentralized finance (DeFi) protocols over time.” – according to the press release.
„Ripple USD is currently in its beta phase and is being rigorously tested by our enterprise partners. This phase is crucial for ensuring that the stablecoin meets the highest standards of security, efficiency, and reliability before it becomes widely available, and after receipt of regulatory approval. Consequently, Ripple USD is not available for purchase or trading at this time.” – the company explained.
There is a clear demand for stablecoins that deliver trust, stability, and utility. Once RLUSD is available, Ripple will use both RLUSD and XRP in its cross-border payments solution to serve its global customers and improve their experience. With over a decade of building enterprise financial solutions, „Ripple is in an ideal position to launch a stablecoin” that addresses a market projected to grow to over $2.8 trillion by 2028.
Ripple USD is valued 1:1 to the US dollar (USD) and 100% backed by US dollar deposits, short-term US government treasuries, and other cash equivalents. These reserve assets will be audited by a third-party accounting firm, and Ripple will publish monthly attestations.
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Meanwhile, Ripple has been ordered by a US judge to pay the Securities and Exchange Commission $125 million in penalties for improperly selling its XRP token to institutional investors. Despite the penalty, CEO Brad Garlinghouse has claimed the ruling is a victory for Ripple, noting that the SEC had asked for $2 billion in penalties. More details here
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
