Ripple Labs has ramped up its testing phase for the RLUSD stablecoin as part of its strategic efforts to broaden its influence within the burgeoning stablecoin ecosystem. Recent activities have highlighted the minting of nearly 10 million RLUSD tokens on the XRP Ledger (XRPL). This progress aligns with Ripple’s impending approval in New York, signifying a critical advancement for its blockchain-based payment network.
RLUSD Set for Launch on December 4
According to reports from Fox Business, Ripple is gearing up to officially launch RLUSD on December 4, pending the New York Department of Financial Services’ approval. As excitement builds within the crypto community, Ripple has cautioned users against engaging with any tokens purporting to be RLUSD until an official announcement is made. Adding to the anticipation, a recent social media post from Tron founder Justin Sun has further amplified interest in the upcoming stablecoin.
Potential Impact of RLUSD on TRX’s Market Status
Tron (TRX) had once held the title of the largest blockchain by the volume of USDT stablecoins issued. However, after approximately 2.5 years of dominance, Ethereum (ETH) took over this position. The anticipated release of RLUSD is hoped to assist Tron (TRX) in regaining its status as the leading blockchain for stablecoins. Notably, TRX has recently achieved a new all-time high, with its price soaring by over 80% within a 24-hour period.
The potential approval of RLUSD comes at a time when Ripple is experiencing a surge in XRP prices. XRP has appreciated over 3% in the past 24 hours, reaching a trading value of $2.56. This uptick in value underscores a broader sense of optimism about Ripple’s future prospects and its expanding influence within the blockchain sector.
Ripple’s Strategy to Broaden Its Audience
Ripple’s stablecoin testing across two significant blockchains indicates its strategic intent to boost liquidity and interoperability. By harnessing the capabilities of both the XRP Ledger and Ethereum, Ripple aims to extend its reach and diversify its use cases, particularly in cross-border payments.
Upon the availability of RLUSD, Ripple plans to integrate both RLUSD and XRP into its cross-border payment solutions to cater to its global clientele, as detailed in RLUSD’s beta testing announcement. According to Brad Garlinghouse, CEO of Ripple Labs, RLUSD will primarily target large institutional players, reflecting Ripple’s commitment to serving a broader audience within the financial ecosystem.
