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The official X account of crypto giant Ripple has published a short video from its “Crypto In One Minute” series. It features the company’s CEO Monica LONG, who explains to the crypto community what stablecoins are. The video was released after Ripple announced the start of a closed beta test of its stablecoin Ripple USD (RLUSD).
Speaking about stablecoins, the Ripple CEO described them as tokens on the blockchain that represent a kind of real-world currency, and there is a one-to-one peg between the stablecoin and the currency that backs it. In this part of the video, she called the US dollar a “very popular version of a stablecoin.”
Earlier this week, it announced the beta test of RLUSD. As part of this process, the stablecoin cannot yet be bought or sold. It will be tested by a select group of Ripple’s corporate partners. Once Ripple receives final approval from regulators, it will launch its stablecoin not only on the XRP Ledger and Ethereum, but also on other blockchains.
Image: The Cryptonomist
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