The post Ripple Minted 13 Million RLUSD Stablecoin Across XRP, ETH Network appeared first on Coinpedia Fintech News
Ripple Labs has taken a big step forward with its RLUSD stablecoin after receiving approval from the New York Department of Financial Services (NYDFS). The company recently minted over 13 million RLUSD tokens across the XRP Ledger and Ethereum Network, marking a key phase in its mainnet testing.
Ripple Minted 13 Mln RLUSD Token
In recent tweet posts, Ripple Stablecoin Tracker highlighted that the company minted 2.6 million RLUSD tokens on the XRP Ledger, along with additional smaller batches of 100,000, 160,000, and 640,000 RLUSD.
Notably, the XRP Ledger showcased its low-cost efficiency, with minting expenses totaling just 0.00048 XRP.
On the Ethereum Network, Ripple minted 10.4 million and 640,000 RLUSD tokens, with the cost for the largest batch being 0.00161 ETH, or about $6.31. However, these tests showcase the scalability and cost-effectiveness of both networks.
Preparing for a Stablecoin Launch
Ripple has been carefully testing RLUSD through minting, burning, and transferring processes to ensure it can handle real-world demands upon full launch. With its entry into the competitive stablecoin arena, RLUSD will face strong contenders like Tether’s USDT and Circle’s USDC.
However, Ripple’s regulatory compliance may give it an edge, positioning RLUSD as a reliable asset for financial institutions.
Meanwhile, CEO Brad Garlinghouse assured community users, “When RLUSD is live, you’ll hear it from Ripple first.”
XRP Price Update
The launch announcement had a bullish impact on XRP, Ripple’s native token. XRP surged by 13%, reaching $2.46, with potential targets of $2.80 and even $3 if it breaks the $2.50 resistance level.
Analysts are closely monitoring the token as it approaches the key resistance level within a descending channel, with the next 48 hours being pivotal for market movements.