Cryptocurrency giant Ripple announced that its latest stablecoin, Ripple USD (RLUSD), is now in the beta testing phase, operating on both the XRP Ledger and the Ethereum mainnet. Although RLUSD is undergoing testing, it has not yet received approval from any regulatory bodies, hence users are unable to engage in purchasing or trading activities related to RLUSD. To prevent potential fraudulent activities, Ripple advises community members to be wary of individuals or entities claiming ownership or distribution rights of RLUSD. RLUSD is valued at a 1:1 ratio with the US dollar and is fully backed by US dollar deposits, short-term US government treasury bills, and other cash equivalents. The supporting funds will be audited by an independent third-party accounting firm to ensure the stability and transparency of RLUSD. Ripple plans to release monthly audit reports to the public, showcasing its reserve assets.