As a seasoned crypto investor with a keen eye for emerging trends and a portfolio brimming with diverse digital assets, I find myself intrigued by the recent developments surrounding Ripple’s upcoming USD-pegged stablecoin, RLUSD. Having closely followed the trajectory of Ripple Labs since their inception, I can confidently say that this company has consistently demonstrated a knack for innovation and strategic moves.
Ripple Labs has been actively working towards the release of their upcoming dollar-backed digital coin, known as RLUSD. After entering its private testing phase on both the XRP Ledger (XRPL) and Ethereum‘s main network, there have been multiple minting and burning events. This sequence of actions implies that the launch of this cryptocurrency may be closer than initially anticipated.
Ripple Conducts 12 RLUSD Mints in 2 Days
In April, Brad Garlinghouse, CEO of Ripple, disclosed their intention to create a stablecoin tied to the US dollar. He explained that this would foster and enhance the expansion of Ripple’s public blockchain, XRPL. During its development phase, the stablecoin was tested in beta version in August. It’s worth mentioning that, as shared by David Schwartz, Ripple’s Chief Technology Officer, this stablecoin can only be utilized by Ripple’s business collaborators.
Over the past few days, including the latest one just hours ago (minting of 50,000 RLUSD), several new mints have taken place, as per information from the Ripple Stablecoin Tracker. In a span of two days, from September 28 to September 29, a total of 1.7 million RLUSD tokens were created on both Ethereum and XRPL blockchains.
The repeated process of minting RLUSD indicates that the launch of this stablecoin is imminent. It’s important to note that these 1.7 million units of RLUSD were minted in several transactions, adding up to a total of 12. Most of the minting was done in batches of 50,000 RLUSD, with some transactions 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.
— Ripple Stablecoin Tracker (@RL_Tracker) September 29, 2024
Ripple Awaits Regulatory Approval for RLUSD
From my perspective as an analyst, one key factor that’s delaying the launch of our stablecoin is the pending regulatory approval. We, at Ripple, are being cautious and taking our time to secure the green light from U.S. authorities to ensure we steer clear of any potential future enforcement actions. The U.S. Securities and Exchange Commission (SEC) has been scrutinizing our planned stablecoin since as early as March, so we’re navigating through this process carefully.
In the midst of this obstacle, Ripple is confident that it is on the brink of debuting its stablecoin. During Korea Blockchain Week, Garlinghouse disclosed the private beta testing of RLUSD and hinted at a public launch within the coming weeks. If RLUSD goes live promptly, both USDT and USDC might encounter stiff competition.
Garlinghouse explained that RLUSD represents Ripple’s strategic attempt to claim a significant portion of the stablecoin market following a temporary issue 18 months ago with USDC maintaining its value. Now, RLUSD is poised to disrupt the current landscape, leveraging Ripple’s robust connections within the financial sector to carve out a strong presence. These comments from the Ripple CEO have kept members of the community hopeful.
Beyond engaging in the process of minting, Ripple has been acquiring modest amounts of RLUSD – as little as 24 units at a time. Importantly, this activity is happening during the private testing phase for the product.
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2024-09-30 13:46