Ripple Mints 485 RLUSD Tokens on Ethereum and XRPL Networks

Ripple continues to make strides in its highly anticipated stablecoin Ripple USD’s (RLUSD) beta testing phase. In a recent development, Ripple minted 485 RLUSD tokens on Ethereum and XRP Ledger (XRPL), representing the largest single release in the testing phase. With the platform’s massive Ripple USD release on September 24, at 12:28 AM (UTC), the token’s total supply has reached 563 RLUSD.

RLUSD To Dominate Stablecoin Market

In April 2024, Ripple announced the launch of its stablecoin, RLUSD, addressing the growing demand for stablecoins in the volatile crypto market. Ripple’s stablecoin will be backed by the US dollar and reserve assets audited by a third-party accounting firm. The platform has also promised to publish attestations monthly to ensure transparency and customer trust.

While the community eagerly anticipates the launch of RLUSD, Ripple CEO Brad Garlighouse recently hinted at the potential release of the token. He stated that the stablecoin is specifically designed to complement Ripple’s XRP token. The move marks Ripple’s entry into the fast-evolving stablecoin market, which boasts a remarkable $173 billion market cap. As per Garlinghouse’s statement, RLUSD envisions overpowering the dominant stablecoins, USDT and USDC.

XRP and Lawsuit Implications

With Ripple’s recent RLUSD minting, the community speculates a possible price movement in the XRP token. While some humorously commented on XRP’s surge to $1 to match RLUSD’s pegged value, many remain optimistic about the imminent market shift. As of press time, XRP trades at $0.5881, marking a slight uptick of 0.32% in a day. While the token experienced a marginal hike of 0.66% over the last week, it fell by 2.72% over the last month.

In related news, Ripple previously introduced an official webpage for RLUSD, sparking speculations of a favorable resolution in the SEC lawsuit. While analysts hinted at the case’s settlement, Ripple’s attorney, Fred Rispoli, asserted that RLUSD’s regulatory status should not be conflated with Ripple’s ongoing legal struggles.