With its focus fixed on RLUSD stablecoin, Ripple Labs may soon launch the token as testing enters advanced stages.
Blockchain payments firm Ripple Labs has put much effort into the launch of its upcoming USD-pegged stablecoin RLUSD. Since entering its private beta testing phase on the XRP Ledger (XRPL) and Ethereum mainnet, the stablecoin has had a series of mints and burns. This move suggests that the cryptocurrency’s launch is closer than expected.
Ripple Conducts 12 RLUSD Mints in 2 Days
Ripple CEO Brad Garlinghouse announced the firm’s interest in pursuing a US dollar-pegged stablecoin in April. At the time, he cited how it would support and improve the growth of its public blockchain, the XRPL. As part of its development, the stablecoin underwent beta testing in August. Noteworthy, as revealed by Ripple’s Chief Technology Officer David Schwartz, it can only be accessed by Ripple’s enterprise partners.
Since the first mint in August, there have been several others, including the recent mint of 50,000 RLUSD a few hours ago, according to details provided by the RLUSD dedicated tracker, Ripple Stablecoin Tracker. In just two days, from September 28 to September 29, a total of 1.7 million RLUSD tokens were minted across both the Ethereum blockchain and the XRPL.
This frequent minting activity suggests that the stablecoin launch is finally here. Noteworthy, the 1.7 million RLUSD mints were achieved in a series of transactions, a total of 12. Most of the minting activity was done in tranches of 50,000 RLUSD, with the others ranging from 100,000 to 480,000 RLUSD.
Also, of all the mints, just 50,000 RLUSD was minted on September 28.
💵💵💵💵💵 50,000 #RLUSD minted at RLUSD Treasury.https://t.co/wMdT4Da5G4
— Ripple Stablecoin Tracker (@RL_Tracker) September 29, 2024
Ripple Awaits Regulatory Approval for RLUSD
One factor currently slowing down the launch of the stablecoin is regulatory approval. Ripple is expected to take its time getting the US authorities to greenlight the offering to avoid future enforcement actions. As far back as March, the United States Securities and Exchange Commission (SEC) had already set its sights on the planned stablecoin.
Amidst this hurdle, Ripple remains certain it is on the verge of launching the stablecoin. While speaking at Korea Blockchain Week, Garlinghouse mentioned the private beta testing of RLUSD and confirmed that public availability is expected in the coming weeks. Should RLUSD launch soon, USDT USDT $1.00 24h volatility: 0.0% Market cap: $157.27 B Vol. 24h: $24.10 B and USDC USDC $1.00 24h volatility: 0.0% Market cap: $61.73 B Vol. 24h: $8.63 B may face new tough competition.
Garlinghouse described RLUSD as Ripple’s strategic move to take a stablecoin market share after USDC briefly lost its peg 18 months ago. Ripple’s RLUSD now stands ready to challenge the status quo, using the company’s strong ties with financial institutions to establish a presence. Such statements from the Ripple CEO have kept the community members expectant.
Apart from the minting activity, Ripple has been buying small quantities of RLUSD, the minimum being 24 tokens. It is worth noting that this is also part of the private beta testing phase.
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