Ripple USD (RLUSD) Now in Private Beta Testing on XRP Ledger and Ethereum Mainnet

Ripple has officially started the private beta testing of its proprietary USD stablecoin project Ripple USD (RLUSD) on the Ethereum mainnet and the XRP Ledger (XRPL).

Ripple has officially begun the private beta testing of its proprietary USD stablecoin project, Ripple USD (RLUSD), on both the Ethereum mainnet and the XRP Ledger (XRPL).

The private beta testing of RLUSD on the XRPL brings Ripple a step closer to integrating the network with new digital assets, facilitating institutional use cases, enhancing liquidity and creating new opportunities, the firm disclosed in a recent post on X, sharing a link to an official press release.

The private beta testing is being carried out by Ripple’s enterprise partners, as the company endeavors to ensure the reliability and security of the Ripple USD project. This stage of development is crucial, as it helps identify any flaws that need to be rectified. At press time, the stablecoin has not yet been released to the public for purchase or trading. Any malicious actors claiming to have the authority to sell or distribute RLUSD tokens should be met with caution, Ripple warned.

“Testing, testing…RLUSD! We’re excited to share that Ripple USD (RLUSD) is now in private beta on XRP Ledger and Ethereum mainnet. RLUSD has not yet received regulatory approval and therefore is not available for purchase or trading – please be cautious of scammers who claim they…,” Ripple announced via Twitter on Aug. 9, 2024.

Furthermore, Ripple revealed that RLUSD is still awaiting regulatory clearance. It is worth noting that the U.S. Securities and Exchange Commission previously classified the token as an “unregistered asset.” As part of its transparency efforts during the ongoing private beta testing phase, the payments company provided the contract addresses of the stablecoin project on both the XRP Ledger and the Ethereum mainnet.

Following the private beta testing, which is only accessible to select parties, the next stage of development for a project typically entails public beta testing. During this phase, members of the general public are able to conduct extensive tests on the project without risking the loss of real assets.

Once the necessary tests are complete, Ripple emphasized that it would also need to obtain regulatory approval for the launch and use of the stablecoin, which is anticipated later this year. The company highlighted its intention to utilize both RLUSD and XRP for its cross-border payment services once this approval is granted.

The growing demand for stablecoins has been a point of focus for Ripple. Tether (USDT), the largest stablecoin by market capitalization, consistently records the highest 24-hour volume among all crypto assets and boasts a market cap of $115 billion, ranking third among all cryptocurrencies.

In light of the持续需求 for stablecoins, experts anticipate that the market will expand to $2.8 trillion within the next four years. With the impending launch of RLUSD, Ripple aims to capture a substantial portion of this market, emphasizing that the stablecoin will be backed by government treasuries, cash deposits and other cash equivalents.

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