As a seasoned researcher with years of experience in the dynamic world of blockchain and cryptocurrencies, I must say that witnessing Ripple’s stablecoin (RLUSD) minting on Ethereum is nothing short of exhilarating. This development signifies not just a step forward for Ripple, but for the entire crypto ecosystem as well.
In a groundbreaking event, Ripple‘s stablecoin, known as RLUSD, made history by minting its very first coins on the Ethereum network. A total of 200 RLUSD tokens were successfully created on Ethereum, signifying an important step for both blockchain platforms.
Through a tweet, XRPL dUNL validator Vet pointed out the progress regarding X, saying, “First 200 units of RLUSD minted on Ethereum,” complete with a snapshot of the corresponding transaction.
The first 200 #RLUSD minted on Ethereum
— Vet 🏴☠️ (@Vet_X0) August 22, 2024
In April, Ripple unveiled intentions to join the rapidly growing stablecoin sector by introducing a U.S. dollar-backed digital currency of their own. Stablecoins have an estimated worth exceeding $160 billion and play a crucial role in the crypto economy, enabling trading and transactions on blockchains. At present, two prominent stablecoins hold significant market share: Tether’s USDT and Circle’s USDC.
Ripple began testing its stablecoin on the Ethereum mainnet and XRP Ledger in early August.
Ripple USD stablecoin in beta phase
During its testing stage, also known as beta, the Ripple-backed stablecoin (Ripple USD) is undergoing evaluation by Ripple’s business partners. This trial period is essential for achieving optimal levels of security, efficiency, and reliability before it becomes broadly available and receives regulatory approval.
As per Ripple’s statement, this development represents a notable achievement by introducing top-tier assets to the XRP Ledger. This expansion paves the way for an array of possibilities, increased liquidity, and potential institutional applications for users, developers, and various software applications.
The digital currency RLUSD is linked to the US dollar (USD) and is fully supported by USD deposits, short-term U.S. government bonds, and other liquid assets. An independent auditing firm will verify the reserve assets, and Ripple will make these audit reports available monthly for public viewing.
Since Ripple USD (RLUSD) is currently flourishing in its private beta phase on the XRP Ledger and Ethereum mainnet, it’s important to note that Ripple has not yet secured regulatory approval. Consequently, Ripple USD is not accessible for purchase or trading at this time. Be cautious of individuals claiming they possess or can distribute Ripple USD, as these claims are likely scams.
Read More
- USD PHP PREDICTION
- SOL PREDICTION. SOL cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- USD COP PREDICTION
- XRP PREDICTION. XRP cryptocurrency
- Strongest Magic Types In Fairy Tail
- HBAR PREDICTION. HBAR cryptocurrency
- ORDI PREDICTION. ORDI cryptocurrency
- ADA PREDICTION. ADA cryptocurrency
- UNI PREDICTION. UNI cryptocurrency
2024-08-23 16:34