As a seasoned crypto investor with over two decades of experience under my belt, I must say that the recent news about Ripple Labs Inc.’s amplified testing for its RLUSD stablecoin on the mainnet has piqued my interest. Having witnessed the rise and fall of numerous digital assets, I’ve learned to appreciate the potential that a well-executed stablecoin can bring to a blockchain ecosystem.
Ripple Labs Inc., an American company specializing in blockchain payments, has increased its testing efforts for its RLUSD stablecoin on the main network. According to the Ripple Stablecoin Tracker, the firm produced 10,500,000 units of RLUSD from the token Treasury. This test is one of several high-profile ones for the stablecoin, and the anticipated launch date is drawing near, although it remains undisclosed.
RLUSD readiness for stablecoin world
Over several months, the Ripple stablecoin has been subjected to rigorous trials, as Ripple Labs’ executives ponder over the potential implications for their ecosystem when it is launched. Ripple Labs, a well-known player in the payment industry, is looking forward to how its RLUSD might boost its functionalities.
Assessing the functionality of RLUSD consists of several stages, such as creating (minting), destroying (burning), and moving tokens (transferring). The objective is to ensure that the stablecoin can handle all types of operational pressure once it becomes active.
💵💵💵💵💵💵💵 10,500,000 #RLUSD minted at RLUSD Treasury.
— Ripple Stablecoin Tracker (@RL_Tracker) November 22, 2024
The low-cost feature of the ledger remains visible as the total cost of minting the latest 10.5 million RLUSD is 0.000135 XRP.
According to a previous report from U.Today, Ripple Labs recently issued over 441,000 units of their stablecoin, RLUSD, within an hour this month, demonstrating the coin’s ease of issuance. The exact number of minting, burning, and transfers they will perform before launch remains unclear. However, curiosity is certainly building up as we await the official launch.
Competitors to watch
Over the last several years, there have been numerous notable entrants into the world of stablecoins within the cryptocurrency landscape. There continues to be a significant number of contenders in this field, ranging from established players like PayPal’s PYUSD to potential offerings such as Revolut’s stablecoin.
In the end, once RLUSD is launched, Ripple will have to compete effectively against the strongholds of Tether USDt and Circle’s USDC.
It seems that the stablecoin is planning to debut on both the XRP Ledger and Ethereum blockchain, with early estimates looking positive. However, it’s important to note that before the token can go live, regulatory approval must be secured first. The launch date might move from this year to Q1, 2025.
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2024-11-23 15:08