Ripple Labs stablecoin tests begin on the XRP ledger and Ethereum mainnets and it's dubbed RLUSD (Ripple USD). This stablecoin will be pegged by real USD and backed in a 1:1 reserves which will be audited by third parties to ensure all assets are safe and maintain it reserves real in the market.
In the initial phase it will tested on the XRP ledger and ETH network but, Ripple Labs intends to launch the stablecoin in other Blockchains to maximize the token reach. The team also promised to publish monthly reports to keep track on the asset and be sure all is transparent on their management. The announcement of the RLUSD test comes after Ripple Labs get an important court win against SEC, paying $125M in fines and closing a case that was going for 4 years about violations of securities laws.
The Securities and Exchange Commission, SEC, wanted to see the company paying $2 billion in fines hit the judge ruled approved a $125 million fine. Ripple accepted willingly to pay 10 million dollars but it was decided that Ripple Labs should pay $125 millions and not get involved in the future in another Securities violations or else! So, this a win, as the American government agency was pushing to 2 billion dollars and if we consider that companies such Binance have paid $4.3 billion in similar cases it's a win to Ripple Labs.
So, let's see this new product that the company want to test what of new will bring to the table in the crypto industry and if the stablecoin will get it's desirable acceptance in another chains that the company plans to launch. Remember:
CONTENT IS KING!