​Ripple’s new stablecoin, RLUSD, is currently being tested on both the Ethereum and XRP Ledger. However, it is not yet tradeable as it still needs to receive regulatory approval.

This announcement comes after Ripple revealed its plans to enter the stablecoin market in April. Stablecoins are a crucial part of the crypto economy, used for trading and payments on blockchains. The market is currently dominated by Tether’s USDT and Circle’s USDC, but is expected to grow to $2.8 trillion by 2028.

RLUSD is backed by short term U.S. Treasuries, dollar deposits, and cash equivalents. The reserves will be audited by a third-party accounting firm, and Ripple plans to provide monthly attestations. The company also plans to offer both RLUSD and XRP for global payment services to its clients.

However, the stablecoin is not yet available for trading as it still needs to receive regulatory approval. Ripple will continue to rigorously test RLUSD with its enterprise partners to ensure the highest standards of security, efficiency, and reliability before making it widely available. 

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