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Cryptocurrency News Articles
Ripple (XRP) Mints 99% of RLUSD Stablecoin Total Supply in One Day, Signaling Imminent Launch
Sep 30, 2024 at 06:06 pm
Ripple has just taken a significant step in its RLUSD stablecoin project, minting 99% of the total supply—800,000 tokens—in a single day.
After a previous prediction by CNF speculated XRP’s price could soar to $1 million amid buzz around Ripple’s RLUSD stablecoin, Ripple has now taken a major step in its RLUSD stablecoin project by minting 99% of the total supply—800,000 tokens—in a single day.
As XRPL validator Vet noted in a recent tweet, this rapid production indicates that the launch of RLUSD, which has been highly anticipated, could be around the corner. Previously, only 100,000 tokens had been minted eight months ago, but this sudden surge suggests Ripple is entering a crucial phase of the project.
Across ETH and XRPL, the total supply of RLUSD is 812,034.
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.
— Vet 🏴☠️ (@Vet_X0) September 29, 2024
It is also worth noting that Ripple’s legal victory earlier paved the way for RLUSD’s global expansion, as a CNF post explained:
Before launching RLUSD, Ripple emerged victorious in a major legal battle with the United States Securities and Exchange Commission (SEC), as the court ruled that XRP is not a security. This decision brought clarity to the cryptocurrency market, allowing Ripple to expand its services.
Ripple Sets Sights on Stablecoin Market
Currently available only to Ripple’s enterprise partners, RLUSD, which has been in beta testing since August, is set to join the stablecoin sector. With the stablecoin market rapidly growing, Ripple aims to compete with market leader Tether, whose stablecoin dominates the market with a market cap of $119 billion. The timing of this substantial minting positions Ripple to make a bold move in the stablecoin arena.
Challenges Ahead Major Launch Imminent?
Despite the legal challenges with the U.S. Securities and Exchange Commission (SEC), Ripple’s native cryptocurrency, XRP, has performed strongly in recent days. While the SEC plans to appeal a court ruling that decided that secondary XRP sales are not securities, XRP has continued to gain momentum.
However, Ripple President Monica Long hinted that RLUSD could be officially launched by the end of 202孑.
Despite Ripple’s legal battle with the SEC, the competitive stablecoin market could present obstacles. In the face of established players like Tether and USD Coin, RLUSD may struggle to achieve widespread adoption. Nevertheless, Ripple’s aggressive strategy suggests confidence in its ability to disrupt the stablecoin landscape.
Ripple’s rapid production of RLUSD demonstrates the company’s positioning to compete in the stablecoin market, potentially transforming the broader crypto industry. At the moment, Ripple (XRP) is trading at $0.6505, showing a surge of 3.75% in the past day and 10.61% in the past week. Below is the XRP price chart.
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