Ripple appears to be getting closer to the official launch of its RLUSD stablecoin. Since the announcement in April and the start of the beta test in August, more and more RLUSD tokens have been created.
Currently, only Ripple’s enterprise partners have access to the stablecoin, but the recent increase in the number of tokens created suggests that the official launch is near.
Big increase in tokenization activity
A notable development occurred on September 29, when a whopping 800,000 RLUSD tokens were created within 24 hours. According to Vet, an XRPL dUNL validator, 99% of the total RLUSD supply was created on that day. The total amount of RLUSD tokens now stands at 812,034, spread across both the Ethereum blockchain and the XRP Ledger.
Despite this significant increase, RLUSD is not yet available to the general public. Ripple is awaiting regulatory approval before launching the stablecoin more broadly. In the meantime, the company continues to conduct rigorous testing, destroying even small amounts of RLUSD tokens, such as 24 tokens, as part of its methodical beta testing.
Transparency and costs surrounding RLUSD
As testing continues, debate arises over RLUSD transaction fees on both Ethereum and the XRP Ledger. According to Vet, transaction costs on Ethereum are higher than on the XRP Ledger, which is not surprising given the high gas fees on Ethereum. Ripple even paid extra for gas fees during testing, probably to avoid potential problems.
Regarding RLUSD stability and coverage, Vet emphasizes that these tests are still ongoing. However, Ripple has promised to publish monthly reserve statements after the official launch, to provide clarity about the stablecoin’s backing.
Ripple’s strategy change
The launch of RLUSD appears to be part of a broader shift in Ripple’s strategy. Ripple CTO David Schwartz noted that XRP may be better suited for payments on the XRP Ledger than RLUSD. Meanwhile, Ripple is increasingly focusing on integration with Ethereum and smart contracts.
Monica Long, president of Ripple, recently clarified that RLUSD and XRP serve different roles within the Ripple ecosystem. XRP is primarily used for digital payments, while RLUSD is designed to facilitate fast settlements and bridge to traditional financial systems.
What can we expect?
Although RLUSD is not yet publicly tradable, the recent increase in the number of tokens created points to an impending launch. Ripple’s focus on regulatory approvals and thorough testing procedures show that the company does not want to take hasty steps. With over 1.7 million RLUSD tokens created since September 28, Ripple appears poised for a major move into the stablecoin market.
Source: https://newsbit.nl/ripple-nadert-officiele-lancering-van-rlusd-stablecoin/
