UPDATED: August 9, 2024, 2:54PM EDT
The cross-border payment firm Ripple has begun testing its stablecoin Ripple USD (RLUSD) on two blockchain networks.
“We're excited to share that Ripple USD (RLUSD) is now in private beta on Ledger and Ethereum mainnet,” Ripple wrote on the social media platform X Friday. “RLUSD has not yet received regulatory approval and therefore is not available for purchase or trading – please be cautious of scammers who claim they have or can distribute Ripple USD.”
On June 25, Ripple President Monica Long said that the stablecoin complements XRP, the cryptocurrency undergirding the blockchain XRP Ledger.
XRP traded at $0.58 as of 12:22 p.m. ET (16:22 UTC) on Aug. 9. The token increased 5.29% in the past 24 hours, according to The Block Prices.
USDC and USDT rival
Earlier this year, Ripple said that it would launch a USD-pegged stablecoin with the hopes of rivaling the established stablecoins and .
USDT and USDC, respectively, make up $121.62 billion (70.6%) and $36.38 billion (21%) of the total stablecoin supply, which hit $172.29 billion as of Aug. 9.
About Author
MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.
