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Significantly, Ripple has declared that beta testing for Ripple USD (RLUSD) will start on the Ethereum mainnet as well as the XRP Ledger (XRPL). Ripple underlined that this is a turning point for the business in terms of presenting more premium assets to the XRPL, therefore opening fresh liquidity and institutional use case potential for developers, consumers, and apps.
With intentions to eventually spread to other blockchains and decentralized finance (DeFi) systems, Ripple also verified that the mainnet version of Ripple USD is now accessible on Ethereum. Before the stablecoin is ready for sale or trade, the testing stage is very vital to make sure it satisfies the best criteria of security, efficiency, and dependability.
Ripple USD to Enhance Cross-Border Payments
Stressing that the stablecoin is not accessible for trade at this moment, Ripple has advised the community to be alert against crypto frauds claiming early access to Ripple USD. Aiming to improve the experience for worldwide clients, Ripple intends to combine RLUSD with XRP in its cross-border payments system once it is completely operational.
Mostly supported by US dollar deposits, short-term US government treasuries, and other cash equivalents, ripple USD is set 1:1 to the US dollar. To maintain openness, Ripple will provide monthly attestations and have a third-party accounting company evaluate these reserve assets.
Following a positive decision for Ripple on August 7 which Judge Analisa Torres fined Ripple Labs $125 million in the ongoing SEC litigation, this release follows. With the penalty being less than the $2 billion punishment the SEC had sought, Ripple CEO Brad Garlinghouse welcomed the decision as a success. XRP jumped 26% after the announcement, peaked on the day of the decision at $0.64.
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