Ripple Starts Tests of its Stablecoin RLUSD on Two Blockchains
The payment network, Ripple, has started testing its stablecoin, Ripple USD (RLUSD), on two different blockchain networks.
“We are pleased to announce that our stablecoin, RLUSD, is now in private beta on the XRP Ledger and Ethereum mainnet,” Ripple announced on the social media platform X Friday. “However, RLUSD has not yet received regulatory approval and is not available for purchase or trading – please be wary of fraudulent individuals who claim to have or can distribute Ripple USD.”
On June 25, Ripple President Monica Long stated that the stablecoin complements the cryptocurrency XRP, which powers the XRP Ledger blockchain. As of 12:22 p.m. ET (16:22 UTC) on August 9, the Ripple token XRP was trading at $0.58.
Earlier this year, Ripple announced that it planned to launch a stablecoin pegged to the US dollar in an effort to compete with established stablecoins such as USDT and USDC.
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