As a seasoned researcher who has witnessed the dynamic evolution of the blockchain industry over the past decade, I find Ripple’s progress with its stablecoin RLUSD intriguing. The firm’s strategic moves towards decentralization by minting RLUSD on both XRPL and Ethereum mainnet are indicative of a maturing ecosystem that is gradually shedding its silos.
As an analyst, I’m excited to report that Ripple Labs Inc, the blockchain payments firm, has reached another significant achievement with its USD-backed stablecoin, RLUSD. We’ve begun minting this stablecoin on two major networks: the XRP Ledger (XRPL) and Ethereum mainnet. At present, we have successfully created 385 units of RLUSD across both platforms. The minting process commenced on Thursday on the XRPL, yielding 185 RLUSD so far.
Based on reports from the specialized stablecoin monitor, it’s been noted that Ripple produced an extra 200 units of RLUSD on the Ethereum primary network today. This production volume indicates that Ripple might be cautiously testing the market rather than making a full commitment.
💵💵💵200 #RLUSD minted at RLUSD Treasury!
— Ripple USD (RLUSD) Tracker (@RLUSD_TRACKER) August 22, 2024
Ripple Makes Progress with RLUSD Launch
At the start of this year, Ripple initiated work on creating RLUSD, a digital currency that’s worth one U.S. dollar each. Not long ago, they unveiled a dedicated website for this stablecoin.
The token is structured to have a complete backing from USD reserves, short-term US Treasury bonds, and similar liquid assets. Ripple has announced that a trusted external auditor will regularly verify these reserve funds for the benefit of its user base.
It also plans to provide monthly attestations to maintain transparency. Notably, this is a significant milestone towards the official launch of the stablecoin later this year. The firm’s plans might also notably affect the price of XRP and Ripple’s expansion. This is not yet reflected in the price of XRP, currently trading at $0.5993, corresponding with a 0.51% dip in the last 24 hours.
Additionally, its other important indicators do not suggest a bullish trend either. The trading volume of XRP declined by 14.91%, positioning it as the eighth most actively traded coin with a turnover of $969,791,009. Similarly, its market cap and price fell at the same rate.
Ripple Stablecoin RLUSD Is Still in the Testing Phase
It’s important to mention that despite the recent introduction of RLUSD, it is still undergoing testing. Consequently, individuals in the XRP community and those intrigued by holding stablecoins should exercise caution. Previously, when Ripple launched the stablecoin a few months ago, some unscrupulous entities exploited it to carry out malicious activities.
They started promoting counterfeit tokens resembling RLUSD on the XRP Ledger. Some industry professionals urged caution among cryptocurrency enthusiasts right away. X by Vet, a validator of the XRP Ledger, cautioned the public that the genuine RLUSD stablecoin has not been released yet. He also suggested users steer clear of fraudulent accounts to prevent falling for scams.
Another option could be: It’s possible that Ripple could once again come under the scrutiny of the United States Securities and Exchange Commission (SEC). Lawyer Fred Rispoli, a well-known advocate for XRP, feels that any potential regulatory action against the company would be distinct from the long-standing battle with the market regulator that Ripple faced over nearly four years.
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2024-08-23 16:09