Ripple Mints Over 13M RLUSD Stablecoins as Launch Approaches

Ripple Labs is advancing its stablecoin project, RLUSD, with significant progress as it mints nearly 14 million tokens across various blockchain networks.

This marks a key step as Ripple prepares to launch the stablecoin after receiving regulatory approval from the New York Department of Financial Services (NYDFS).

The minting process has seen RLUSD tokens distributed between the XRP Ledger and Ethereum network. With RLUSD fully backed by U.S. Treasuries, Ripple is conducting comprehensive tests to ensure functionality across platforms. These steps are designed to ensure a smooth rollout, with Ripple CEO Brad Garlinghouse confirming that they will officially announce the stablecoin’s launch when it goes live.

What sets RLUSD apart from its competitors is its compliance with U.S. regulations, such as the Dodd-Frank Act, making it one of the few stablecoins approved by U.S. authorities. Ripple’s approach to transparency, including real-time audits, further differentiates it from other stablecoins like USDT and USDC, which have faced scrutiny over their operations.

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Ripple’s XRP token has also benefitted from these developments, with its price rising from $1.90 to $2.35. Analysts suggest that RLUSD’s launch could spur further gains for XRP, particularly if the stablecoin integrates into decentralized finance (DeFi) ecosystems, where it could generate additional demand. Notably, large XRP transfers have been taking place, signaling heightened interest in Ripple’s ecosystem as the stablecoin’s release nears.

Kosta Gushterov

Kosta has been working in the crypto industry for over 4 years. He strives to present different perspectives on a given topic and enjoys the sector for its transparency and dynamism. In his work, he focuses on balanced coverage of events and developments in the crypto space, providing information to his readers from a neutral perspective.