Ripple Begins Testing Its Stablecoin on Ethereum and XRP Ledger

Ripple, the enterprise-focused blockchain service closely related to the XRP Ledger (XRP), said on Friday that it began testing its stablecoin on the Ethereum (ETH) mainnet and XRP Ledger. "Ripple USD is currently in its beta phase and is being rigorously tested by our enterprise partners," the company said in a blog post. The announcement came after Ripple laid out its plans in April to enter the rapidly growing stablecoin market with its own U.S. dollar-pegged token. Stablecoins are a $160 billion market currently. Ripple USD (RLUSD) is backed by short term U.S. Treasuries, dollar deposits and cash equivalents.

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