Ripple Commences RLUSD Testing in the Wake of Legal Triumph and Releases Significant Announcement

Ripple Launches Beta Testing for RLUSD

Ripple has announced the initiation of beta testing for Ripple USD (RLUSD) on both the XRP Ledger (XRPL) and Ethereum mainnet. This development marks a pivotal moment, bringing Ripple closer to integrating high-quality assets into the XRPL. This advancement is expected to enhance opportunities, liquidity, and institutional applications for users, developers, and various applications.

Currently, RLUSD is not available for trading. Ripple emphasized that this testing phase is essential to ensure the stablecoin adheres to top standards of security, efficiency, and reliability prior to its broader release and regulatory approval. As such, Ripple USD cannot be purchased or traded at this moment. Ripple cautions the community against potential scams that might misuse its name to falsely offer early access to RLUSD.

Once RLUSD becomes available, Ripple plans to leverage both RLUSD and XRP to enhance its cross-border payment solutions, significantly improving the experience for its global clientele.

Ripple also disclosed that Ripple USD maintains a 1:1 value ratio with the US dollar (USD) and is fully backed by US dollar deposits, short-term US government treasuries, and similar cash equivalents. These reserves will be audited by an independent firm, with Ripple providing monthly attestations to ensure transparency.

This update comes on the heels of a recent legal victory for Ripple. On August 7, Judge Analisa Torres imposed a $125 million penalty on Ripple Labs in an SEC lawsuit, a significantly smaller amount than the $2 billion fine sought by the SEC for alleged securities violations. Ripple CEO Brad Garlinghouse hailed this outcome as a major victory, and XRP saw a 26% surge, reaching $0.64 on the day of the ruling.