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- Ripple minted 99% of the RLUSD stablecoin supply, signaling an imminent launch in the stablecoin market.
- Ripple’s legal victory and aggressive strategy position it to challenge market leaders like Tether in the expanding stablecoin space.
n line with the previous prediction by CNF, when XRP’s price was speculated to soar to $1 million amid speculation over Ripple’s RLUSD stablecoin, 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.
As reported by XRPL validator Vet in a recent tweet, this rapid production signals that the long-awaited RLUSD launch could be imminent. 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.
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.
— Vet 🏴☠️ (@Vet_X0) September 29, 2024
In addition, it is worth noting that earlier, Ripple’s legal victory set the stage for RLUSD’s global expansion, as described in a CNF post:
Before establishing RLUSD, Ripple won a substantial legal struggle with the United States Securities and Exchange Commission (SEC), with the court ruling that XRP is not a security. This decision brought legal clarity to the cryptocurrency market, allowing Ripple to expand its services.
Ripple Targets the Stablecoin Market
RLUSD, which has been in beta testing since August, is currently available only to Ripple’s enterprise partners. With the stablecoin sector rapidly growing, Ripple aims to challenge market leader Tether, whose stablecoin holds a dominant $119 billion market cap. The timing of this substantial minting positions Ripple to make a bold move in the stablecoin arena.
Challenges Ahead Major Launch Imminent?
Ripple’s native cryptocurrency, XRP, has shown strong performance in recent days, despite ongoing legal challenges with the U.S. Securities and Exchange Commission (SEC). While the SEC plans to appeal a court ruling that declared secondary XRP sales as non-securities, XRP has continued to gain momentum.
However, Ripple President Monica Long hinted that RLUSD’s official launch could happen by the end of 2024, adding to the anticipation surrounding the company’s future moves.
Despite Ripple’s legal battle with the SEC, the competitive stablecoin market could present obstacles. RLUSD may face difficulties in securing widespread adoption against established players like Tether and USD Coin. Still, Ripple’s aggressive strategy signals confidence in its ability to disrupt the stablecoin landscape.
Ripple’s rapid RLUSD production shows that the company is positioning itself to compete in the stablecoin market, potentially reshaping the broader crypto industry. As of today, Ripple (XRP) is trading at $0.6505, having surged by 3.75% in the past day and 10.61% in the past week. See the XRP price chart below.
