Fintech company Ripple today announced the launch of its new trial A stable coin The blockchain itself and Ethereum.
The San Francisco-based company announced on Friday that Ripple USD (RLUSD) will be used to meet global demand for a stablecoin and for cross-border payments. But the experiment is only the first step.
“RLUSD has not yet received regulatory approval and is therefore not available for purchase or trading – please beware of scammers who may sell or distribute Ripple USD,” the company warned on Twitter.
Ripple added that while RLUSD is testing on its home blockchain XRP Ledger and the second largest crypto network, there are plans to run the asset on others.
“There are plans to expand to additional blockchains and decentralized finance (DeFi) protocols over time,” the company said. Test crypto sphere It aims to replace traditional financial institutions.
Ripple announced It launched a stablecoin in April. The company said at the time that the asset was backed entirely by US dollars, short-term US Treasuries and “other cash equivalents”.
Stablecoins Digital tokens are tied to something stable—in Ripple's case, the US dollar. Such cryptocurrencies allow crypto users to hold assets on the blockchain without the price fluctuations that affect other virtual coins. Bitcoin.
They also hold a significant share of the market: stablecoins are the backbone of the cryptosphere and allow traders to quickly enter and exit the digital asset economy without using traditional banks or brokers. Tether (USDT)For example, it is the cryptocurrency with the highest transaction volume of $53.3 billion in 24 hours. basis to CoinGecko data.
Ripple is a fintech company that wants to make payments faster and cheaper. The founders are created. XRPthe seventh-largest digital coin by market capitalization.
Wednesday, Ripple It is called a victory In a long-running lawsuit against the Securities and Exchange Commission. The Guardian of Wall Street had it in 2020. Accused The company allegedly sells unregistered securities in the form of XRP.
A judge ruled this week that Ripple violated securities laws but ordered it to pay $125 million in fines — far less than the $2 billion the SEC had requested.
Edited by Ryan Ozawa.
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