Ripple Labs Begins Rolling Out USD-Pegged Stablecoin

On August 9, Ripple Labs announced the initial tests of its United States dollar-pegged stablecoin, Ripple USD (RLUSD), on the XRP Ledger (XRPL) and Ethereum mainnets. The company also revealed plans to deploy the fiat-backed token on additional blockchain networks in the future. Ripple Labs stated that RLUSD will be overcollateralized, meaning each unit of RLUSD will be backed by USD reserves or short-term cash equivalents at a 1:1 ratio with the US dollar. To ensure transparency and accountability, Ripple has promised third-party audits of the underlying cash assets and will publish monthly reports on the reserves. The firm also