Ripple USD (RLUSD) Mainnet Testing Begins: Plans for Expansion to Other Blockchains and DeFi

Ripple is steadily progressing with preparations for the launch of its USD-pegged stablecoin, Ripple USD (RLUSD), which is scheduled to go live later this year. On August 9, 2024, Ripple announced that it has initiated beta testing of RLUSD on the mainnet.

Ripple USD (RLUSD) is a USD-pegged stablecoin issued on both the XRP Ledger (XRPL) and Ethereum blockchain. The value of RLUSD is fully backed by U.S. dollar deposits, U.S. short-term treasury bonds, and other cash equivalents, ensuring 100% collateralization.

Ripple has planned to officially launch RLUSD in the latter half of 2024, but this announcement highlights that the beta testing phase has now begun on the mainnets of both XRPL and Ethereum.

The stablecoin is currently undergoing rigorous testing by corporate partners, a crucial phase to ensure it meets the highest standards of security, efficiency, and reliability.

While RLUSD is currently being tested on XRPL and Ethereum, Ripple has plans to expand its reach to other blockchains and decentralized finance (DeFi) protocols in the future.

This strategic move is designed to enhance interoperability and provide broader opportunities for users, developers, and applications across different blockchain ecosystems.

Commenting on the commencement of the testing phase, Ripple stated, "This is an important step in bringing high-quality assets to the XRPL, offering new opportunities, liquidity, and institutional use cases for users, developers, and applications."

At the time of writing, RLUSD is not available for purchase or trading. Ripple has issued a warning to be vigilant against scams attempting to sell RLUSD using Ripple's name fraudulently.

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