Updated: August 9, 2024, 2:54 PM EDT
Cross-border payments company Ripple has started testing its stablecoin Ripple USD (RLUSD) on two blockchain networks.
“We are excited to announce that Ripple USD (RLUSD) is now live in private beta. Ripple (XRP)
+3.21%
On June 25, Ripple President Monica Long said the stablecoin complements XRP, the cryptocurrency that underpins the blockchain XRP Ledger.
XRP was trading at $0.58 as of 12:22 PM ET (4:22 PM UTC) on August 9. According to The Block Prices, the token is up 5.29% over the last 24 hours.
Competition between USDC and USDT
Earlier this year, Ripple announced it would compete by launching a stablecoin pegged to the USD. Established stablecoins 
USDT
+0.31%
and 
USDC
+0.34%
.
USDT and USDC account for $121.62 billion (70.6%) and $36.38 billion (21%) of the total stablecoin supply, respectively, with a total supply of $172.29 billion as of August 9.
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About the Author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin first broke $20,000. Since then, MK has written nearly 1,000 articles for the publication, covering all aspects of crypto news but with a penchant for NFTs, metaverse, web3 games, fundraising, crime, hacking, and crypto ecosystem stories. MK holds a graduate degree from the Science, Health, and Environment Reporting Program (SHERP) at New York University and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.