Ripple Labs has taken a major step forward with its RLUSD stablecoin, receiving approval from the New York Department of Financial Services (NYDFS). The company recently minted over 13 million RLUSD tokens on both the XRP Ledger and Ethereum Network, marking an important phase in its mainnet testing.
But what does this mean for Ripple’s future and the crypto market as a whole?
Ripple’s recent minting activity included 2.6 million RLUSD tokens on the XRP Ledger, plus smaller batches of 100,000, 160,000, and 640,000 RLUSD tokens. The XRP Ledger demonstrated its efficiency, with minting costs totaling just 0.00048 XRP.
On the Ethereum Network, Ripple minted 10.4 million RLUSD tokens, along with another 640,000. The cost of the largest batch was 0.00161 ETH, or about $6.31. These tests show the scalability and cost-effectiveness of both networks.
Ripple has been carefully testing RLUSD through processes like minting, burning, and transferring tokens to ensure it’s ready for real-world use. As RLUSD enters the competitive stablecoin market, it will face established players like Tether’s USDT and Circle’s USDC.
However, Ripple’s strong regulatory compliance could give RLUSD an edge, making it a reliable asset for financial institutions.
Meanwhile, CEO Brad Garlinghouse assured community users, “When RLUSD is live, you’ll hear it from Ripple first.”
The announcement of RLUSD’s progress led to a 13% surge in XRP, Ripple’s native token, which reached $2.46. Analysts are closely watching key resistance levels, with XRP potentially targeting $2.80 and even $3 if it breaks the $2.50 resistance.
The next 48 hours are critical, as XRP approaches a key resistance point within a descending channel.
As Ripple moves closer to RLUSD’s full release, the crypto world waits to see how this new player will shake up the market.
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