As a seasoned crypto investor with a knack for deciphering market trends, I find myself intrigued by Ripple’s steady progress towards launching its RLUSD stablecoin. Having navigated through numerous cryptocurrency launches and failures, I can confidently say that the anticipation surrounding this project is palpable.
Ripple Labs Inc., an American blockchain payments company, continues its series of tests for its stablecoin, RLUSD. Not long ago, they created a new supply of 80,000 RLUSD to refine the process of creating and destroying these tokens. This recent creation has sparked more curiosity among the community about when this coin might be launched.
Ripple RLUSD Stablecoin Launch Timeline Unknown
In recent times, there’s been a significant increase in the creation of Ripple stablecoins on both the XRP Ledger (XRPL) and Ethereum (ETH) platforms. To date, over 1.8 million tokens have been minted from the RLUSD treasury, leading many to anticipate the next phase of this testing period.
Ripple Labs has kept quiet regarding the upcoming stage, but inside sources have offered insights about its potential impact on XRP and the wider Ripple community. Earlier reports mentioned that the President of the company, Monica Long, predicted a 2021 launch for the RLUSD stablecoin.
As the year draws to a close in about three months, anticipation is mounting. It’s worth noting that Long has affirmed that the company requires approval from the U.S. Securities and Exchange Commission (SEC) before they can proceed with their launch. Given the SEC’s recent regulatory actions, this requirement seems quite relevant.
According to previous news, the regulatory body has resolved accusations against the company behind TrueUSD stablecoin for selling unregistered securities. Given that Ripple just concluded a protracted legal dispute with the SEC, they aim to ensure everything is in order before the launch of their upcoming RLUSD stablecoin.
In preparation for the upcoming launch, Monica Long emphasized once again that the stablecoin will be essential for the primary function of Ripple’s business operations, specifically in the area of settlement.
Projected Competition for RLUSD
Several market analysts are pointing out that the Ripple RLUSD move appears to be a well-planned strategy. Yet, this tactic is being implemented amidst an unusual intensification of competition among peers.
In addition to Tether (USDT) and Circle’s USDC, PayPal’s stablecoin PYUSD is another significant competitor in this sector. Although Ripple Labs have established themselves as a well-known player in the market for payment services, they will also face challenges from emerging competitors such as Revolut.
The timetable for Revolut’s efforts to create a stablecoin remains uncertain, since specifics about the project have not been disclosed yet.
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2024-10-01 01:13