San Francisco-based enterprise crypto company Ripple has launched its much-hyped stablecoin in private beta, according to a Friday announcement.
The Ripple USD (RLUSD) stablecoin will be available for beta testing on both XRPL and Ethereum.
During the beta testing stage, a select group of the company's enterprise partners will try out the new product before it gets released to a wide audience. Ripple wants to ensure that the stablecoin is sufficiently secure and reliable before moving on with a general launch.
It is not possible to buy or trade the new stablecoin during beta testing, and Ripple still needs to get a regulatory nod for its ambitious product.
Alex DovbnyaRipple has also warned about fraudsters who might potentially try to capitalize on the limited launch of RLUSD by claiming to have early access to the product.
As reported by U.Today, Ripple also launched a website page for its stablecoin project, pitching it for payment services and cross-border transfers.
The enterprise crypto company made its bold move into the stablecoin sector in April. Ripple then revealed the name of its stablecoin project at the XRP Ledger Community Summit in June.
Ripple President Monica Long previously stated that she expected the much-talked-about stablecoin project to make its debut this year.
Apart from XRPL and Ethereum, Ripple's stablecoin is also expected to launch on other chains as well.
Ripple will have to compete with other stablecoin issuers such as Tether. However, the company claims that it is in an "ideal position" to launch such a product.
Yuri Molchan
U.Today Editorial Team
Vladislav Sopov
Dan Burgin