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Renowned blockchain company Ripple is gearing up for a major milestone with the impending launch of its highly anticipated stablecoin, Ripple USD (RLUSD). According to a post on X, CEO Brad Garlinghouse revealed that the US dollar-pegged stablecoin is launching “in weeks, not months.”
RLUSD Beta Testing Ends in Weeks, Ripple CEO Affirms
Recall that Ripple has been diligently testing RLUSD on both the XRP Ledger and Ethereum Blockchain, with beta testing commencing last month. Ripple has been leveraging its extensive experience in cross-border payments and blockchain technology to develop RLUSD. Notably, the stablecoin is expected to be seamlessly integrated into the existing Ripple ecosystem, enabling faster, more efficient transactions for users worldwide.
Ripple also announced its intention to enter the $150 billion stablecoin market, which is currently dominated by Tether’s USDT and Circle’s USDC, as the beta testing phase nears completion.
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Ripple and Palau Perform Stablecoin Experiment
In August 2023, TheCoinRise reported that the blockchain company and the Republic of Palau embarked on a controlled stablecoin experiment, utilizing the secure and efficient XRP Ledger (XRPL).
In the controlled stablecoin experiment, Ripple and the Republic of Palau developed and tested a stablecoin backed by the US dollar. The stablecoin, known as the Palau Stablecoin (PSC), is designed to mirror the value of the US dollar, providing stability and predictability to users while capitalizing on the efficiency and security of blockchain technology.
Meanwhile, the Republic of Palau will leverage the Ripple Central Bank Digital Currency (CBDC) platform as part of its controlled stablecoin pilot. One of the key advantages of the Ripple CBDC platform is its ability to streamline the PSC issuance and distribution process.
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Ripple Introduces XRP-backed Solution for SMEs
Some days ago, Ripple highlighted the difficulties faced by small and medium enterprises (SMEs) globally with cross-border payments. The technology firm pointed out that inflation, geopolitical uncertainties, and inefficiencies in traditional banking systems can hamper expansion.
As such, Ripple introduced Ripple Payments, powered by XRP cryptocurrency, offering higher settlement speeds and lower fees for SMEs. Notably, Ripple payments can be accessed by small banks that wish to earn profits in the global payment market. In addition, the multiple complexities of the conventional payment system have been removed. The firm added that this team-time solution is set to revolutionize cross-border payment systems.
