Ripple Advances RLUSD Stablecoin with 13 Million Tokens Minted

Ripple Labs has advanced its RLUSD stablecoin project following approval from the New York Department of Financial Services (NYDFS). The company minted over 13 million RLUSD tokens across XRPL and Ethereum Network, marking a critical stage in mainnet testing.

Breakdown of Minting on XRP Ledger

Ripple minted a total of 2.6 million RLUSD tokens on the XRP Ledger, with smaller batches of 100,000, 160,000, and 640,000 RLUSD also created. The XRP Ledger’s cost-efficiency stood out, as minting expenses amounted to only 0.00048 XRP.

🚨🚨🚨🚨🚨🚨 2,600,000 #RLUSD transferred from RLUSD Treasury to RLUSD Treasury.https://t.co/SKvQRM88js
— Ripple Stablecoin Tracker (@RL_Tracker) December 12, 2024

This low-cost process highlights the network’s capability to support large-scale stablecoin operations. On the Ethereum Network, Ripple minted 10.4 million RLUSD tokens in one batch, along with an additional 640,000 RLUSD in a separate transaction.

The cost for minting the largest batch totaled 0.00161 ETH, roughly $6.31. These figures demonstrate the cost-effective and scalable nature of both the XRP and Ethereum networks.

Preparations for Full-Scale Launch

Ripple’s ongoing minting, burning, and transferring tokens form part of its broader strategy to prepare for a full market launch. The company aims to ensure RLUSD’s resilience under real-world conditions. Competing with established stablecoins like Tether’s USDT and Circle’s USDC, Ripple seeks to leverage its regulatory compliance as a competitive edge.

This approach may attract financial institutions looking for a compliant and reliable stablecoin. CEO Brad Garlinghouse reassured users that Ripple would make an official announcement when RLUSD goes live. “When RLUSD is live, you’ll hear it from Ripple first,” he stated.

Ripple’s announcement positively impacted the price of XRP, its native token. XRP surged by 13%, reaching $2.46, with analysts setting potential targets of $2.80 or even $3 if it can surpass the $2.50 resistance level. The token’s approach to the resistance level within a descending channel has caught the attention of analysts, who believe the next 48 hours could prove crucial for market movements.

Ripple’s progress with RLUSD showcases its strategic push into the stablecoin market, with regulatory compliance and network efficiency positioning it as a strong contender in the sector.

Lanre Durojaiye

Mr. Durojaiye Olusola is a finance graduate and cryptocurrency writer with over a year of experience providing market insights and clear, well-researched analysis. Dedicated to helping readers understand blockchain trends and digital asset developments.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.