Ripple Labs has reached a significant milestone in the development of its RLUSD stablecoin, having secured approval from the New York Department of Financial Services (NYDFS). This approval marks a pivotal moment in Ripple’s journey to revolutionize the world of digital currencies. Recently, the company minted over 13 million RLUSD tokens across the XRP Ledger and Ethereum Network, signifying an important phase in mainnet testing.
Ripple Minted 13 Million RLUSD Tokens
In a series of recent tweets, Ripple Stablecoin Tracker drew attention to the company’s achievement of minting 2.6 million RLUSD tokens on the XRP Ledger. This was accompanied by additional smaller batches consisting of 100,000, 160,000, and 640,000 RLUSD tokens. The XRP Ledger demonstrated its cost-effectiveness, with minting expenses totaling a mere 0.00048 XRP, showcasing its efficiency.
On the Ethereum Network, Ripple minted another significant amount, including 10.4 million and 640,000 RLUSD tokens. Despite the large batch size, the cost remained low at 0.00161 ETH, approximately $6.31. These tests highlight the scalability and cost-effectiveness of both the XRP Ledger and the Ethereum Network, underscoring their potential in the realm of digital finance.
Preparing for a Stablecoin Launch
Ripple’s strategy involves meticulous testing of the RLUSD stablecoin through minting, burning, and transferring processes. This rigorous testing ensures that RLUSD is prepared to meet real-world demands upon its full launch. Entering the competitive stablecoin market, RLUSD will compete with established players like Tether’s USDT and Circle’s USDC. However, Ripple’s commitment to regulatory compliance may provide a competitive advantage, positioning RLUSD as a dependable asset for financial institutions.
Brad Garlinghouse, Ripple’s CEO, reassured the community with a promise: “When RLUSD is live, you’ll hear it from Ripple first.”
XRP Price Update
The announcement of RLUSD’s launch has positively impacted the market, particularly Ripple’s native token, XRP. Following the news, XRP experienced a bullish surge, rising by 13% to reach $2.46. Analysts are optimistic about potential price targets of $2.80 and even $3, contingent upon breaking the $2.50 resistance level.
As XRP approaches this critical resistance level within a descending channel, market analysts are closely monitoring the token’s performance. The next 48 hours are expected to be crucial for determining future market movements and price trends.
