Crypto
XRP News Today: Ripple Begins RLUSD Beta Test on XRP Ledger and Ethereum
In the latest development, Ripple has announced that it has begun beta testing Ripple USD (RLUSD) on the XRP Ledger (XRPL) and Ethereum mainnet. It underscored that this is a significant milestone and a step closer to bringing more high-quality assets to the XRPL, driving new opportunities, liquidity, and institutional use cases for users, developers, and applications.
Ripple also stated that the mainnet version of Ripple USD is also available on Ethereum, with plans to expand to additional blockchains and decentralized finance (DeFi) protocols over time.
RLUSD Not Yet Available For Trading
It has stressed the phase as crucial for ensuring that the stablecoin meets the highest security, efficiency, and reliability standards before it becomes widely available and after receipt of regulatory approval. Therefore, Ripple USD is not available for purchase or trading at this time.
Until then, it has asked the community to be cautious of crypto scams that may exploit Ripple’s brand and purport to have early access to sell Ripple USD, which is not available now.
It highlighted that once RLUSD is available, Ripple will use both RLUSD and XRP in its cross-border payments solution to serve its global customers and dramatically improve their experience.
RLUSD Valued 1:1 To USD!
Ripple revealed that the Ripple USD is valued at 1:1 to the US dollar (USD) and 100% backed by US dollar deposits, short-term US government treasuries, and other cash equivalents. A third-party accounting firm will audit these reserve assets, and Ripple will publish monthly attestations.
Ripple concluded, expressing its commitment to transparency, and said that it will keep the community updated on the progress of Ripple USD.
Ripple’s Bags Major Victory Against SEC
This announcement follows an August 7 ruling from Judge Analisa Torres, imposing a $125 million penalty on Ripple Labs in the SEC lawsuit. Ripple CEO Brad Garlinghouse lauded the penalty as a victory against the SEC, as the penalty was not even close to the fine that the SEC, had requested the court to impose a staggering $2-billion fine against Ripple Labs for the alleged securities violations.
XRP responded positively to the news as it soared by 26% and reached a high of $0.64 on the day of the ruling.
Read Also: XRP Reverses Its Gains as Open Interest Drops by Nearly 10%! Here’s What’s Next for XRP Price
How Indiana’s redistricting could impact the legislative session
Statehouse reporter Kayla Dwyer breaks down tensions between Indiana and the Trump administration regarding the state’s redistricting efforts.
Indiana lawmakers are hoping to make the state a cryptocurrency leader by allowing the state to invest in digital currencies like Bitcoin for state savings and retirement plans while prohibiting local communities from restricting crypto companies.
The legislation, House Bill 1042, comes as excitement grows over the once obscure digital assets that have made millionaires and wiped-out fortunes. Its supporters now include some of the country’s most powerful people, including President Donald Trump and initially hesitant financial institutions, while the first major piece of crypto legislation passed Congress earlier this year.
Now, Indiana is looking for a slice of the windfall. The topic was one of just a few to get an earlier-than-usual hearing as lawmakers consider redistricting, signaling it’s a major topic of interest among Republicans.
“Crypto policy will become a mainstay of this committee’s work for probably years to come,” said bill author Kyle Pierce, R-Anderson, at a House Financial Institutions Committee meeting Dec. 4.
A volatile investment?
Though the bill would allow public investment funds to delve into the world of digital currency, it stops short of allowing direct crypto investments.
Instead, the bill applies to cryptocurrency exchange traded funds, or EFTs — a safer, federally regulated fund that tracks crypto prices, either by holding the digital assets or a contract that speculates on prices in the future.
The state investment programs required to provide such options include the 529 education savings plan and certain retirement funds for teachers, public employees and lawmakers. It also allows other state investment funds to place their assets in crypto EFTs.
While less volatile than a direct investment, it’s not entirely without risk. Because there is less oversight in the underlying crypto market, the Securities and Exchange Commission has warned it’s difficult to prevent fraud and ensure fairness, even for EFT investors.
That was a tentative concern for Tony Green, deputy executive director of the Indiana Public Retirement System, at the House Financial Institutions Committee hearing Dec. 4.
Though neutral on the bill, Green said IPRS would want to ensure there were proper disclaimers about volatility. And while the agency wants to offer choices to their members, he said, those surveyed were generally uninterested.
No anti-crypto regulations
Another aspect of the bill limits how local governments and state agencies can regulate crypto, though Pierce said it’s only intended to ensure laws don’t unfairly target crypto.
Specifically, it would prohibit regulation of an individual or a business’ ability to accept digital currency as payment, including by taxing use of the payment method. It also stops local governments from denying crypto mining facilities in areas zoned for industrial use or applying noise restrictions specific to crypto.
There was some worry about a clause in the bill that bans a public agency from prohibiting a person’s ability to “use or accept digital assets as a method of payment for legal goods and services.”
The bill was welcomed by the founder of the local crypto mining business Megawatt.
Ilya Rekhter, who operates mining facilities in rural areas across the state, said the legislation would help prevent a sudden change in zoning laws after a business has already invested money in a facility, Rekhter said.
“We’re not asking for any special treatment,” he said, “just the same treatment.”
The committee won’t hold a vote on the bill until January.
Contact breaking politics reporter Marissa Meador at mmeador@gannett.com or follow her on X @marissa_meador.
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