Ripple Begins Testing Its Stablecoin on Ethereum 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.
“This
phase
is
crucial
for
ensuring
that
the
stablecoin
meets
the
highest
standards
of
security,
efficiency,
and
reliability
before
it
becomes
widely
available,
and
after
receipt
of
regulatory
approval.”

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
and
a
key
piece
of
infrastructure
in
the
crypto
economy
used
for
trading
and
payments
on
blockchains.
The
market
is
currently
dominated
by
the
two
largest
stablecoins,
Tether’s
USDT
and
Circle’s
USDC.
Broker
Bernstein

forecasted
that
the
market
could
grow
to
$2.8
trillion
by
2028.