Monica Long Highlights Stablecoins’ Role as Ripple’s RLUSD Nears Launch

• Ripple’s RLUSD stablecoin has entered private beta testing on the XRP Ledger and Ethereum Mainnet, marking a major development milestone.
• Monica Long emphasized stablecoins’ stability and their potential to provide banking alternatives and reduce cryptocurrency market volatility.
• Ripple cautions investors against scams targeting XRP and RLUSD, reiterating that neither the company nor its executives will request funds.

Ripple’s President, Monica Long, recently shared insights on stablecoins during an appearance on “Crypto in One Minute,” where she emphasized their role in reducing volatility. Stablecoins have gained significant popularity since their introduction in 2014, providing a stable alternative to highly volatile cryptocurrencies like Bitcoin and Ethereum.

Ripple, a significant actor in the cryptocurrency world, is causing a stir with its upcoming RLUSD stablecoin. Ripple keeps on updating its community about the developments of RLUSD hence people are anxiously waiting for it. It has not yet released the official date of launch.

Monica Long Sheds Light on Stablecoins’ Utility

In a brief interview shared on X (formerly Twitter), Monica Long defined stablecoins as blockchain-based tokens representing real-world fiat currencies. She highlighted that stablecoins maintain a 1:1 value peg with the corresponding fiat held in reserve, such as the U.S. dollar. This feature has made stablecoins a preferred choice for investors seeking stability in the crypto market.

Long also talked more regarding the attraction of stablecoins, claiming that they allow people who don’t have access to regular banks to hold US dollars. Moreover, they provide an efficient way to buy other digital currencies and protect traders against price swings.

RLUSD Enters Private Beta Testing Phase

Ripple recently announced a major milestone in RLUSD’s development: the stablecoin has now entered private beta mode on both the XRP Ledger and Ethereum Mainnet. This step is crucial in ensuring that RLUSD meets the high standards required for public release, with verified enterprise partners rigorously testing its security, efficiency, and reliability.

1:1 backing of RLUSD with US dollar deposits, short-term United States government treasuries, and other cash equivalents has been confirmed by Ripple. The company plans to use RLUSD in conjunction with XRP for its global payment solutions, thereby cementing its position in the stablecoin market.

Rising Scams Trigger Caution

Following a recent court ruling which sided against them, Ripple is cautioning people about an increase in scams against XRP and RLUSD investors.

Fake websites are being created by fraudsters who promise giveaways and early access to RLUSD if you provide them with your funds. They have also reiterated that no executive from their company will ever ask for money from anyone; they are warning against this type of fraudulent activity.