Ripple Labs, a prominent player in the blockchain industry, has taken a significant stride in the testing of its RLUSD stablecoin. Following its approval from the New York Department of Financial Services (NYDFS), the company minted over 13 million RLUSD tokens distributed across the XRP Ledger and Ethereum Network. This move marks a crucial phase in the mainnet testing of the stablecoin.
In a series of recent tweets, Ripple Stablecoin Tracker revealed that the company minted 2.6 million RLUSD tokens on the XRP Ledger. Additional batches of 100,000, 160,000, and 640,000 RLUSD were also minted. The XRP Ledger demonstrated its cost-effectiveness and efficiency during this process, with the total cost of minting equalling just 0.00048 XRP.
On the Ethereum Network, Ripple minted two separate batches of RLUSD tokens – 10.4 million and 640,000. The cost of minting the larger batch was 0.00161 ETH, or approximately $6.31. These tests emphasize the scalability and cost-efficiency of both networks in handling significant stablecoin operations.
Ripple has been meticulously testing RLUSD, carrying out minting, burning, and transferring processes to ensure the stablecoin’s robustness and capability to handle real-world demands upon full launch. The stablecoin market is fiercely competitive, with strong contenders such as Tether’s USDT and Circle’s USDC. However, Ripple’s regulatory compliance may position RLUSD as a credible and reliable asset for financial institutions.
Ripple’s CEO, Brad Garlinghouse, offered reassurances to the community about the stablecoin’s official launch. In a statement, he said, “When RLUSD is live, you’ll hear it from Ripple first.”
The announcement of RLUSD’s launch triggered a bullish momentum, which positively impacted the price of XRP, Ripple’s native token. XRP experienced a surge of 13%, reaching $2.46, with potential targets of $2.80 and possibly even $3 if it can break the $2.50 resistance level.
Analysts are now keenly observing the token as it approaches this key resistance level within a descending channel. The next 48 hours are expected to be pivotal for market movements and the future trajectory of XRP. As Ripple continues to make strides in its stablecoin testing, the market eagerly awaits the full launch of RLUSD.
