Ripple Advances with RLUSD Stablecoin and Issues Over 13 Million Tokens
- Stablecoin RLUSD is 100% backed by US Treasury securities.
- Ripple complies with regulations such as the Dodd-Frank Act.
- XRP Price Surges 13% on Progress in RLUSD Project
Ripple Labs has taken another significant step towards the launch of its RLUSD stablecoin. Following regulatory approval from the New York Department of Financial Services (NYDFS), the company has now issued over 13 million RLUSD tokens on two of the largest blockchain networks: XRP Ledger and Ethereum.
The Minting Process includes 2,6 million RLUSD tokens were minted on the XRP Ledger, in addition to smaller batches of 100, 160 and 640 tokens. On Ethereum, 10,4 million RLUSD tokens were minted and an additional batch of 640. These tests reinforce the functionality and interoperability of the stablecoin, with reduced costs on both the XRP Ledger and the Ethereum network, demonstrating scalability and efficiency.
RLUSD stands out as one of the few stablecoins that is fully compliant with U.S. regulations, such as the Dodd-Frank Act. Additionally, the coin is fully backed by U.S. Treasuries, making it a reliable option for financial institutions. “When RLUSD goes live, you’ll hear it first from Ripple,” said Brad Garlinghouse, CEO of Ripple Labs.
Another important differentiator for RLUSD is its commitment to transparency. Independent auditors perform real-time verifications to ensure financial integrity, positioning the asset as a safe alternative compared to other stablecoins, such as USDT and USDC, which have faced criticism over their regulatory framework.
With the upcoming launch of RLUSD, Ripple’s native token, XRP, has also seen significant gains. Since the stablecoin’s announcement, the price of XRP has risen from $1,90 to $2,35. Experts believe that RLUSD’s integration into decentralized finance (DeFi) ecosystems could drive additional demand for the asset, especially in liquidity pools and staking mechanisms.
Large movements of XRP also caught attention, with transactions transferring 39,43 million and 99,99 million tokens, suggesting growing interest in the Ripple ecosystem.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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