Ripple Tests Ripple USD (RLUSD) on Blockchain Networks

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 announced on X. “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 stated that the stablecoin complements XRP, the cryptocurrency underpinning the XRP Ledger.

As of 12:22 p.m. ET (16:22 UTC) on Aug. 9, XRP traded at $0.58, showing a 5.29% increase in the past 24 hours, according to The Block Prices.

USDC and USDT Rival

Earlier this year, Ripple announced plans to launch a USD-pegged stablecoin aimed at competing with established stablecoins USDT and USDC.

As of Aug. 9, USDT and USDC account for $121.62 billion (70.6%) and $36.38 billion (21%) of the total stablecoin supply, which reached $172.29 billion.