The American blockchain payment company Ripple RLUSD minting XRP price surge Labs has created over thirteen million RLUSD stablecoins on several networks. As part of its accelerated testing phase for its stablecoin, Ripple is conducting this activity in preparation for its imminent launch, which follows certification by the New York Department of Financial Services (NYDFS).
Over 13M RLUSD Minted Before Launch
According to Ripple’s Stablecoin Tracker, the XRP Ledger and Ethereum Network were minting 13.9 million RLUSD tokens. Ripple minted the first 2.6 million RLUSD on the XRP Ledger, followed by 100,000, 160,000, and 640,000 RLUSD tokens. The Ethereum Network simultaneously minted 10.4 million and 640,000 RLUSD tokens.
Ripple has been conducting strict testing for the stablecoin, including minting and transfers over various networks. Assets located in the United States provide complete support. Before the stablecoin’s official appearance, Ripple has confirmed that these tests will ensure its operation.
“When RLUSD is live, you’ll hear it from Ripple RLUSD minting XRP price surge first,” CEO Brad Garlinghouse said in a comment on X (previously Twitter).
The regulation distinguishes RLUSD from its competitors
Ripple has obtained NYDFS clearance, making RLUSD Stablecoin one of the few U.S.-regulated stablecoins. In compliance with U.S. financial laws like the Dodd-Frank Act and Basel III norms, RLUSD surpasses USDT and USDC.
Holding the stablecoin in regulated custody and fully collateralizing it with U.S. Treasuries ensures compliance with Federal Reserve and FDIC criteria.
Banks and other financial organizations can trust RLUSD with this green light from regulators. One thing that sets Ripple apart from other stablecoins is its transparent operations, which include real-time audits, according to the company. USDC’s operations are partially overseas, making compliance with key U.S. regulations problematic, and USDT has been scrutinized for uneven audits.
Analysis of XRP Price Movement Amid RLUSD
The market value of XRP has risen significantly since the approval and testing of RLUSD. Some experts have called the recent XRP price surge from $1.90 to $2.35 a “speculative pump.” According to software engineer Vincent Van Code, if RLUSD joins decentralized finance (DeFi) ecosystems, XRP’s price could witness more rises.
As highlighted by Van Code, the automated market maker (AMM) and liquidity pool (LP) capabilities of the XRP Ledger for RLUSD have the potential to stimulate demand. He hypothesized that more people would use XRP if they could earn rewards through LPs. Another potential inclusion of RLUSD in DeFi activities could involve its swapping for other stablecoins or its use for on-chain staking.
Notable XRP transactions have occurred in the context of RLUSD-related events. An unknown wallet transferred over 39.43 million XRP to Coinbase, worth $95.5 million. An anonymous whale moved around 99.99 million XRP, or $234.4 million, to several wallets in a separate transaction.
Final Thoughts
Ripple Labs has created more than thirteen million RLUSD stablecoins, completely collateralized with U.S. Treasuries and supported by assets in the United States, in anticipation of its imminent debut. The New York State Department of Financial Services (NYDFS) regulates this stablecoin, setting it apart from its peers. Introducing RLUSD into decentralized finance (DeFi) ecosystems has caused XRP’s price to grow, and experts anticipate this trend will continue. Unlike USDT and USDC, Ripple’s transparent processes and real-time audits form the foundation of RLUSD.
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