Ripple, a leader in cross-border payments, has initiated private beta testing of its new stablecoin, Ripple USD (RLUSD), on both the XRP Ledger and Ethereum mainnet. The announcement was made on the social media platform X on Friday.
“We’re excited to share that Ripple USD (RLUSD) is now in private beta on XRP Ledger and Ethereum mainnet,” Ripple stated. However, the company cautioned that RLUSD has not yet received regulatory approval and is not available for purchase or trading. Ripple urged users to be wary of scammers claiming otherwise.
Ripple President Monica Long previously highlighted that RLUSD is designed to complement XRP, the native cryptocurrency of the XRP Ledger. As of August 9, XRP was trading at $0.58, reflecting a 5.29% increase over the past 24 hours, according to data from The Block Prices.
Ripple’s introduction of RLUSD marks a significant step as it seeks to compete with established stablecoins like USDT and USDC, which dominate the market with supplies of $121.62 billion (70.6%) and $36.38 billion (21%), respectively. The total stablecoin market reached $172.29 billion as of August 9.
Ripple’s entry into the stablecoin market represents its ongoing innovation in blockchain technology, aiming to provide secure and efficient payment solutions across multiple blockchain networks.