As a seasoned crypto investor with over a decade of experience navigating the ever-changing landscape of digital assets, I find myself closely watching the recent developments surrounding Ripple and its stablecoin, RLUSD. The latest news about Ripple ramping up the minting of RLUSD tokens has certainly piqued my interest, especially considering the strategic timing just before the crucial phase of regulatory assessments and market integration.
Ripple has recently produced an extra 1.35 million units of RLUSD on the XRP Ledger, which is part of their broader plan to guarantee the stablecoin’s smooth operation and dependability upon its launch. This move takes place as Ripple moves towards a crucial stage involving regulatory evaluations and market integration.
Ripple Ramps Up RLUSD Minting, Adds 1.35M Tokens
Ripple Labs has stepped up production of its RLUSD stablecoin, with 2.45 million units produced just last month (October). This minting process happened in four batches, the latest one resulting in the creation of 1.35 million RLUSD on the XRP Ledger. Notably, this largest batch represents the most considerable issuance so far. Additionally, it demonstrates Ripple’s efforts to enhance liquidity and examine RLUSD performance under diverse circumstances.
Beyond the 1.35 million units, the XRP firm has also produced smaller quantities in the past, such as the recent 80,000 RLUSD stablecoin. These actions indicate a potential upcoming launch of RLUSD, assuming it receives necessary regulatory clearance.
At the same time, Ripple is creating RLUSD on both the XRP Ledger (XRPL) and Ethereum platforms to maintain a balanced strategy. This dual placement of tokens improves scalability, and it also allows the stablecoin to perform effectively across various blockchain networks.
Most tokens are distributed through the XRP Ledger, but some smaller quantities were also produced on the Ethereum blockchain, including a 500,000 RLUSD batch.
As a researcher involved in the development process, I must emphasize that although we’ve made significant strides in the creation of RLUSD, its full deployment is yet to be authorized by regulatory bodies. Our commitment to adhering to U.S. laws is unwavering, especially considering the ongoing legal challenges faced by other stablecoin issuers such as Paxos and TrueUSD. We are meticulously ensuring that our stablecoin aligns with the stringent regulations set forth in the United States.
The firm behind XRP has tread carefully since its ongoing legal dispute with the U.S. Securities and Exchange Commission (SEC). It’s said that they are waiting for approval before officially launching RLUSD. Meanwhile, former SEC attorneys have suggested the agency might hold an upper hand in the Ripple versus SEC case appeal, fueling debate as the deadline for the lawsuit appeal nears.
Monica Long, who serves as President at Ripple, affirmed that they need regulatory consent prior to launching their stablecoin fully in the market. This step is taken to avoid any additional legal issues and secure the lasting success of RLUSD.
Market Speculation Amid ETF Developments
The latest events related to RLUSD minting are happening at a time when there’s growing curiosity about Ripple’s overall system, particularly after Bitwise Asset Management submitted an application for a Spot XRP ETF. If the XRP ETF gets approved, some predict that its value could spike dramatically, mimicking Bitcoin‘s 47-billion-dollar price increase.
Predictions indicate that if funds flow into an XRP Exchange Traded Fund (ETF), it might trigger a significant rise in the XRP value. This surge could see the price of XRP soaring to between $1.50 and $2.49, representing a potential increase of up to 300%.
After Bitwise filed for an XRP Exchange-Traded Fund (ETF), analyst Ali Martinez pointed out a rise in large investor activity, referring to this as increased “whale” activity.
“No wonder XRP whales went on a buying spree!”
Last week, it’s been observed that some significant players (XRP whales) bought around 470 million XRP tokens, which equates to a value of about 276 million dollars. However, the specific details regarding current acquisitions of whales are still not fully understood.
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2024-10-02 15:42