- Ripple has unleashed a tidal wave in the stablecoin race.
- A shocking 99% of RLUSD’s total supply has emerged overnight.
- Ripple has prepared for its next big move as the crypto world holds its breath.
Ripple is making waves in the crypto space with a huge leap forward in its RLUSD stablecoin project. In a single day, the company minted 99% of the total RLUSD supply—an impressive 800,000 tokens, according to data from XRPL validator Vet. This rapid minting signals that Ripple’s long-anticipated stablecoin launch could be right around the corner.
Ripple’s Big Bet: A $119 Billion Challenge
The last notable minting for RLUSD happened eight months ago, with just 100,000 tokens created. This sudden spike in production indicates that Ripple’s project has entered a critical phase. First announced in April, RLUSD has been beta testing since August and is exclusively available to the company’s enterprise partners.
Sponsored
Ripple is gearing up to make its mark in the booming stablecoin sector, which has seen increasing demand. Stablecoins, cryptocurrencies tied to fiat currencies like the U.S. dollar, are gaining momentum thanks to their stability compared to more volatile assets like Bitcoin.
Ripple clearly has its sights set on taking on Tether, the reigning champion of stablecoins with a market cap of around $119 billion. This massive RLUSD minting couldn’t have come at a better time for Ripple.
XRP Defies SEC, Soars with RLUSD Looming
XRP, Ripple’s native cryptocurrency, has been one of the top performers in the past 24 hours, defying the uncertainties surrounding its legal battle with the U.S. Securities and Exchange Commission (SEC). The SEC is expected to appeal the July 2023 court ruling that declared secondary XRP sales as non-securities, but that hasn’t slowed down XRP’s momentum.
With RLUSD on the horizon, Ripple is positioning itself for a strong close to the year. Monica Long, Ripple’s president, recently hinted that the stablecoin’s official launch could happen before the end of 2024. As Ripple ramps up its stablecoin strategy, the crypto world is watching to see how this new move could shake up the market and impact XRP’s future.
On the Flipside
- The ongoing legal battle with the SEC could pose significant regulatory risks for Ripple and its stablecoin projects.
- Ripple’s RLUSD may face challenges in gaining widespread adoption and competing with established players like Tether and USD Coin.
Why This Matters
The rapid increase in supply suggests that the company is confident in its product and is poised to challenge established players like Tether. This move could potentially disrupt the stablecoin landscape and have a broader impact on the overall crypto market, especially if RLUSD gains traction and becomes a widely adopted alternative.
To learn more about Ripple’s new stablecoin, RLUSD, and its recent minting of 300,000 tokens, read here:
Ripple Mints 300K RLUSD Tokens as Major Launch Looms
Curious about the possible implications of the SEC appealing the recent court ruling that favored Ripple Labs in the ongoing legal battle over XRP? Read here:
How Ripple Could Lose Against an SEC Appeal on XRP Ruling
