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Home»ADOPTION NEWS»Ripple starts testing stablecoin RLUSD on XRP Ledger and Ethereum
ADOPTION NEWS

Ripple starts testing stablecoin RLUSD on XRP Ledger and Ethereum

By Crypto FlexsAugust 10, 20242 Mins Read
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Ripple starts testing stablecoin RLUSD on XRP Ledger and Ethereum
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Company • August 9, 2024 12:39 PM EDT

Posted 1 minute earlier ~ in

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%
Ledger and Ethereum Mainnet, Ripple On Friday, he posted on social media platform X: “RLUSD is not yet available for purchase or trading as it has not received regulatory approval. Beware of scammers claiming to have or be able to distribute Ripple USD.”

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.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Current financial disclosures include:

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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.

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