Summarize this content to 2000 words in 6 paragraphs
Last updated:
August 9, 2024 07:35 EDT
Author
Hongji Feng
Author
Hongji Feng
About Author
Hongji is a crypto and tech reporter. He graduated from Northwestern University’s Medill School of Journalism with a Bachelor’s and a Master’s. He has previously interned at HTX (Huobi Global),…
Share
Last updated:
August 9, 2024 07:35 EDT
Why Trust Cryptonews
With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews
Ripple began beta testing Ripple USD (RLUSD) on the XRP Ledger and Ethereum mainnet on August 9.According to an official announcement published by Ripple, the beta phase will involve active testing by enterprise partners to ensure the stablecoin meets standards of security and reliability before wider availability and regulatory requirements.
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 (@Ripple) August 9, 2024
Ripple Introduces Stablecoin RLUSDThe company plans to expand the stablecoin to additional blockchains and decentralized finance (DeFi) protocols in the future. RLUSD is currently not for trading or purchase.“There is a clear demand for stablecoins that deliver trust, stability, and utility,” the statement reads. “Once RLUSD is available, Ripple will use both RLUSD and XRP in its cross-border payments solution to serve its global customers and dramatically improve their experience.”The announcement indicated that the company is targeting the stablecoin market with expectations to reach $2.8 trillion by 2028. The coin itself will be completely backed by U.S. dollar deposits, short-term U.S. government treasuries, and other cash equivalents.In addition, the reserve assets will undergo audits by an independent accounting firm, with Ripple committing to release monthly attestations.“Ripple is committed to transparency and will keep the community updated on the progress of Ripple USD,” said the company. “We appreciate your patience and enthusiasm as we work towards making RLUSD a robust and reliable stablecoin for everyone.”XRP Ledger Brings Tokenized US Treasury BillsRecently, Ripple expanded the utility of its XRP Ledger (XRPL) by introducing tokenized U.S. Treasury bills (T-bills) onto the platform. This development is part of the partnership with OpenEden, a prominent provider of tokenized real-world assets (RWA).The collaboration seeks to bring short-term U.S. government debt obligations, backed by the Department of Treasury, to XRPL users, potentially setting the stage for increased institutional adoption of DeFi solutions.“The tokenization of T-bills onto the XRPL is a demonstration of how institutional access to DeFi is being driven by the tokenization of traditional RWAs,” the release read.
