Ethereum

2024

Bitcoin ETF

<p class="is-style-lead">XRP issuer Ripple is advancing on stablecoin plans after CEO Brad Garlinghouse teased the idea during Consensus 2024.</p> 
<p>Ripple (<a href="https://crypto.news/price/xrp/">XRP</a>) has begun work on a fiat-pegged token called the Ripple USD, or RLUSD, as the company eyes a $160 billion stablecoin market currently dominated by Tether (<a href="https://crypto.news/price/tether/">USDT</a>). The digital payment titan <a href="https://ripple.com/insights/a-new-era-of-stablecoins-ripple-usd-begins-testing-on-the-xrp-ledger-mainnet/?utm_source=x&amp;utm_medium=organic_social&amp;utm_campaign=cont-blog-global-stablecoin-mainnetdeployment-all-2024-q3&amp;utm_content=thread_static" target="_blank" rel="">said</a> private beta testing started on XRP’s ledger and the Ethereum mainnet, crypto’s second-largest blockchain by market cap.</p> 
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   <p lang="en" dir="ltr">Testing, testing…RLUSD! We’re excited to share that Ripple USD (RLUSD) is now in private beta on XRP Ledger and Ethereum mainnet. RLUSD has not yet received regulatory approval and therefore is not available for purchase or trading – please be cautious of scammers who claim they…</p>— Ripple (@Ripple) <a href="https://twitter.com/Ripple/status/1821942246939488574?ref_src=twsrc%5Etfw" target="_blank" rel="">August 9, 2024</a>
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<p>At Consensus 2024, Garlinghouse <a href="https://crypto.news/consensus-2024-ripple-ceo-stablecoins-etfs/">told</a> attendees that the stablecoin market had a high ceiling and could become a $3 trillion industry before 2030. Ripple president Monica Long also indicated that XRP would likely <a href="https://crypto.news/ripple-president-stablecoin-likely-this-year/" target="_blank" rel="noreferrer noopener">launch</a> its stablecoin token this year.</p> 
<p>An Aug. 9 announcement said RLUSD will operate as a U.S. dollar-backed token in a 1:1 ratio. The firm plans to use cash deposits, treasuries, and cash equivalents as reserves. Ripple also pledged to release monthly attestations and use a third-party accounting firm for audits. The official statement suggests a move toward regulatory compliance and approval.</p> 
<p> You might also like: <a href="https://crypto.news/bitwise-cio-u-s-stablecoin-bill-may-trump-bitcoin-etf-impact/"> Bitwise CIO: U.S. stablecoin bill may trump Bitcoin ETF impact </a> </p> 
<h2 class="wp-block-heading" id="ripple-to-enter-stablecoin-industry">Ripple to enter stablecoin industry</h2> 
<p>Entering the stablecoin market means competing directly with incumbents like Tether and Circle’s USD Coin (<a href="https://crypto.news/price/usd-coin/">USDC</a>), even if Ripple’s CEO stressed that there is ample room for all players to grow.</p> 
<p>Specifically, Circle has demonstrated the ability to <a href="https://crypto.news/circle-wins-europes-first-stablecoin-license-via-mica/" target="_blank" rel="noreferrer noopener">comply</a> with comprehensive stablecoin regulations in Europe. Circle is also poised for an initial public offering in America and could become the first stablecoin company to list shares.</p> 
<p>U.S. policymakers are mulling stablecoin regulations that could greenlight bank participation in the space. Legislators like Patrick McHenry and Maxine Waters have reportedly made <a href="https://crypto.news/bitwise-cio-u-s-stablecoin-bill-may-trump-bitcoin-etf-impact/">progress</a> toward such a bill.</p> 
<p> Read more: <a href="https://crypto.news/ripple-xrp-ruling-sets-precedent-for-retail-crypto-sales-amlbot-ceo-says/"> Ripple XRP ruling sets precedent for retail crypto sales, AMLBot CEO says </a> </p>

Ripple begins testing RLUSD stablecoin on Ethereum and XRP

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