Ripple begins testing its stablecoin RLUSD on XRP Ledger and Ethereum

Quick Take

Ripple is testing the stablecoin Ripple USD (RLUSD) on XRP Ledger and Ethereum.
Earlier this year, the cross-border payment company noted that it would launch a stablecoin sometime in 2024.

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 XRP 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 USDT and USDC.

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.

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