The company moves forward with its Ripple USD (RLUSD) coin, but will still need regulatory approval for a full launch. Fintech firm Ripple today announced that it had started testing its new stablecoin on its blockchain and Ethereum.
The San Francisco-based company said Friday that Ripple USD (RLUSD) would help meet worldwide demand for stablecoins and be used for cross-border payments. But its testing is only the first step.
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Ripple Warns of Scams
“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,” the company warned on Twitter. Ripple added that while RLUSD is being tested on its native blockchain, XRP Ledger, and the second biggest crypto network, there are plans to run the asset on others.
Source: X
The chair of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, has expressed his disappointment with a judge’s recent ruling in the regulator’s ongoing case against Ripple. Following last week’s ruling that programmatic sales of XRP to public buyers did not constitute the sale of unregistered securities, Gensler said that he was “disappointed” with Federal district judge Analisa Torres’ decision. He added that the commission is, “looking at it and assessing that option,” raising t…
The company said there are “plans to expand to additional blockchains and decentralized finance (DeFi) protocols over time,” referring to the experimental crypto sphere that aims to replace traditional financial institutions.
Ripple announced back in April that it was launching a stablecoin. The asset, the company said at the time, would be fully backed by U.S. dollars, short-term U.S. government treasuries, and “other cash equivalents.”
Stablecoins are digital tokens pegged to something stable—in Ripple’s case, the U.S. dollar. Such cryptocurrencies allow crypto users to keep assets on a blockchain without fluctuations in price that affect other virtual coins, like Bitcoin.
Ripple is a fintech firm that wants to make payments quicker and cheaper. Its founders created XRP, the seventh-biggest digital coin by market cap.
On Wednesday, Ripple claimed victory against the Securities and Exchange Commission in a long-running lawsuit. The win caused a rally in XRP price.
Conclusion:
Ripple’s move to test its new stablecoin, RLUSD, on multiple blockchains marks a significant step in the company’s evolution and the broader cryptocurrency landscape. This development, coupled with Ripple’s recent legal victory against the SEC, could potentially reshape the regulatory environment for cryptocurrencies. Meanwhile, emerging projects like Pawfury continue to introduce innovative approaches to attract investors in this dynamic market. Pawfury (PAW) is rapidly emerging as a top-tier contender in the cryptocurrency market. With its unique blend of advanced technology and practical utility, Pawfury (PAW) sets itself apart from other coins.
