Ripple Labs, the American blockchain payments leader, has minted over 13 million RLUSD stablecoins as part of its final testing phase ahead of the coin’s official launch. The launch comes after Ripple received approval from the New York Department of Financial Services (NYDFS), with the stablecoin expected to gain significant traction within the crypto market.
So far, 13.9 million RLUSD tokens have been minted across two major blockchain networks—XRP Ledger and Ethereum. 2.6 million RLUSD have been minted on XRP Ledger alone, followed by additional quantities of 100,000, 160,000, and 640,000 tokens. Ethereum has recorded 10.4 million RLUSD minted, with another 640,000 coming from the network. The steps are part of Ripple’s testing to ensure the stablecoin runs smoothly ahead of its expected launch.
Ripple CEO, Brad Garlinghouse, confirmed on X (formerly Twitter) that when RLUSD is officially released, the company will be the first to announce it.
Regulatory approval gives RLUSD a competitive edge
What sets RLUSD apart from other stablecoins like USDT and USDC is its regulatory approval from the NYDFS. As one of the few stablecoins fully regulated in the US, RLUSD meets strict standards under US law, such as the Dodd-Frank Act and Basel III. The stablecoin is fully backed by the US Treasury and stored in regulated custody, ensuring that it complies with Federal Reserve and FDIC guidelines.
The approval gives Ripple’s stablecoin a level of transparency and credibility that its competitors lack. USDT has struggled with inconsistent audits, while USDC operates offshore, presenting challenges in US compliance. In contrast, RLUSD’s robust regulation could make it a preferred choice for financial institutions looking for a stable digital asset.
XRP Price Rises Linked to RLUSD and DeFi Potential
As Ripple prepares to launch RLUSD, the market price of XRP has been rising from $1.90 to $2.35. The rise is partly due to the expectations surrounding RLUSD, with analysts noting that the stablecoin’s integration into the decentralized finance (DeFi) ecosystem could propel XRP to new heights.
Vincent Van Coed, a software engineer at XRP Ledger, sees even greater potential for gains if RLUSD is widely used in liquidity pools (LPs) and automated market makers (AMMs). These features could encourage more XRP adoption by offering users ways to earn rewards when interacting with RLUSD. Additionally, RLUSD can be swapped with other stablecoins or even used for on-chain staking, making it an attractive addition to DeFi projects.
Notable transactions involving XRP have also raised eyebrows, with 39.43 million XRP (worth $95.5 million) recently being transferred from an unknown wallet to Coinbase. Another transaction saw 99.99 million XRP, worth $234.4 million, transferred between unknown wallets.
With Ripple’s ongoing testing and RLUSD’s regulatory approval, the stage is set for both RLUSD and XRP to experience substantial growth, especially as the crypto market enters a bullish phase. Analysts predict that XRP, along with emerging stablecoins like RLUSD, could see gains of up to 100X by 2025
