|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Ripple Aggressively Mints RLUSD Stablecoin, Targeting Tether's Market Dominance
Sep 30, 2024 at 04:45 pm
XRP's price has surged alongside the RLUSD buzz, indicating investor confidence in Ripple's future.
Ripple has minted nearly all of its RLUSD stablecoin in a single day, rapidly advancing the project and setting the stage for a potential market launch.
As per data shared by XRPL validator Vet on September 26, out of the total RLUSD supply, around 800,000 tokens were minted in the last 24 hours on both Ethereum and XRP Ledger combined. This marks a substantial increase from the 100,000 tokens minted over eight months ago.
The total supply of RLUSD is 812,034 across ETH and XRPL.
In the last ~24h in total 800k RLUSD got minted on Ethereum and #XRP Ledger combined.
99% of the total supply was minted in the last 24h.
Initially announced in April, RLUSD is currently in beta testing and is only available to Ripple’s enterprise partners.
The aggressive minting activity comes amidst soaring demand for stablecoins due to their relative stability compared to riskier assets. This timing is significant as Ripple appears to be targeting Tether’s dominant position, with the latter boasting a massive market cap of around $119 billion.
Should RLUSD gain traction, it could disrupt the existing stablecoin hierarchy, posing a direct challenge to established players like Tether.
Meanwhile, XRP has also posted impressive gains amid the RLUSD buzz. The token has seen substantial price appreciation despite the ongoing legal battle with the U.S. SEC. While the SEC is expected to appeal a recent court ruling in favor of Ripple by October 7, XRP’s price momentum remains strong, indicating robust investor confidence in the company’s future.
However, XRP’s recent gains could also be attributed to the enthusiasm surrounding the upcomingڡ XRP airdrop by the Flare Network. The token has seen a recent surge in open interest, which has jumped 67% since September 7 to reach $932.3 million, marking the highest level since April 2024.
This increase in open interest, coupled with the rising prices, suggests a strong bullish trend. Additionally, there is a high demand for leveraged long positions, with the perpetual futures funding rate climbing to 0.0113% for an eight-hour period, indicating growing optimism among traders.
Monica Long, Ripple’s president, has suggested that RLUSD could be officially launched before the end of 2024, in what would be a major development for the company and could potentially act as a bullish catalyst for XRP.
However, regulatory risks remain a significant concern, with the ongoing SEC case complicating Ripple’s plans. Additionally, RLUSD will face stiff competition from well-established stablecoins like Tether and USD Coin, which currently dominate the market.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- As the Cryptocurrency Market Prepares for October, Investors Should Watch These Five Tokens This September: Pepe (PEPE), Neiro (NEIRO), Fetch.ai (FET), Blur (BLUR), and ETFSwap (ETFS)
- Sep 30, 2024 at 10:20 pm
- ETFSwap (ETFS) is gaining attention as it approaches the third stage of its presale, making it a compelling investment opportunity this September.
-
- Shibarium, the Ethereum-based layer-2 scaling solution of the Shiba Inu ecosystem, has printed a major milestone on its mainnet.
- Sep 30, 2024 at 10:20 pm
- Per data insights from Shibariumscam, Shibarium's total blocks have surpassed seven million. Per actual figures, this block count figures comes in at 7