Ripple RLUSD stablecoin will start testing on the mainnet
In the year On August 9, Ripple Labs announced the first tests of the United States dollar-pegged stablecoin, Ripple Labs' Ripple USD (RLUSD) on the XRP registry (XRPL) and Ethereum mainnet, with plans to deploy it on a fiat-backed token. More blockchain networks in the future.
According to Ripple Labs, the upcoming Statcoin will be leveraged, meaning that each unit of RLUSD will be backed by USD reserves or short-term cash in a bank at a 1:1 ratio against the US dollar. To ensure transparency and accountability, Ripple has also committed to third-party audits of cash assets and monthly reports published on its reserves.
The crypto company has reiterated its commitment to serve both the XRP (XRP) and RLUSD markets, dispelling rumors that the company is abandoning XRP to focus on the new stablecoin.
In the announcement, Ripple Labs said the stablecoin was in beta testing with corporate partners and warned against scammers claiming to sell or sell users early access to RLUSD, which is currently not available for purchase or live trading.
Ripple was hit with a $125 million fine in the SEC lawsuit
RLUSD's mainnet trials followed Aug. 7 when Judge Annalisa Torres imposed a $125-million fine against Ripple Labs in a 2020 Securities and Exchange Commission lawsuit filed for the first time.
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Ripple CEO Brad Garlinghouse hailed the fine as a “victory” against the SEC, which asked the court to impose a staggering $2 billion fine on Ripple Labs due to the security violations described in the lawsuit.
Surprisingly, the price of XRP responded to the news with a positive price acceleration, rising by 26% and reaching a high of $0.64 on the day of the decision.
XRP Ledger sees a significant drop in transactions
Despite the positive developments for Ripple, according to the Ripple Labs Q2 2024 XRP Markets Report, XRPL saw a 65.6% drop in trading volume in the second quarter of 2024.
Ripple's report shows a sharp drop from 251,397,881 transactions to 88,388,029 transactions in the first quarter.
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