As a seasoned researcher with years of experience in the blockchain and cryptocurrency sector, I find Ripple Labs’ intensified RLUSD stablecoin testing fascinating. The cat-and-mouse game between tech firms and regulators is nothing new to me, and Ripple seems to be playing it well so far.
Ripple Labs is ramping up its daily tests of the RLUSD stablecoin by conducting regular minting sessions. The reason for these beta tests isn’t clear yet, but information from the Ripple Stablecoin Tracker indicates that approximately 2,450,000 units of RLUSD have been created in October so far.
Intensified RLUSD minting
Ripple Labs is known for pioneering technology innovations. The company takes pride in maintaining high standards, as it enters a competitive market space (the stablecoin niche) where numerous rivals exist. Consequently, their initial launch needs to be almost perfect.
According to the RLUSD tracker, a total of 2.45 million tokens were minted from the stablecoin treasury in four significant batches. The largest of these was minted on the XRP Ledger, amounting to 1,350,000 RLUSD units. It’s worth mentioning that Ripple also minted the second biggest tranche consisting of 500,000 RLUSD tokens on the Ethereum blockchain as a means to achieve balance.
💵💵💵💵💵💵 1,350,000 #RLUSD minted at RLUSD Treasury.
— Ripple Stablecoin Tracker (@RL_Tracker) October 1, 2024
In the following two instances, RLUSD was distributed on both the XRPL and Ethereum networks, with amounts of 450,000 and 150,000 RLUSD respectively. Lately, Ripple Labs has been running a testing campaign without burning RLUSD, which has heightened curiosity about their overall strategy.
“One reason why there are more tokens being minted on the XRP Ledger compared to Ethereum might be due to their history. Since Ethereum currently supports more stablecoins, the increased token minting on Ripple’s platform may serve as a means for them to demonstrate its dependability.
Ripple’s grand plan?
Despite uncertainty about Ripple’s short-term objectives for RLUSD, it’s clear that their long-term strategy involves launching the stablecoin this year.
The company asserts they are holding off for approval from the regulatory body, which is crucial to prevent potential legal actions from the U.S. Securities and Exchange Commission (SEC). Similar stablecoin issuers such as Paxos and TrueUSD’s parent firm have experienced regulatory scrutiny in the past, a situation Ripple Labs aims to steer clear of.
With just a few days left before the deadline for submitting an appeal regarding their case with the SEC, there’s still much debate about whether the regulatory body will choose to challenge certain aspects of the ruling made on July 17, 2023.
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2024-10-02 11:40