Ripple Executive Highlights Ongoing Struggles in U.S. Market

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Ripple Mints Fresh 80,000 RLUSD, Here’s Likely Launch Timeline – Crypto News

Published

1 year ago

October 1, 2024

Dripp

American blockchain payments firm Ripple Labs Inc. is unrelenting in its series of tests for its RLUSD stablecoin. About an hour before writing, the company minted a fresh 80,000 RLUSD to perfect the process of minting and burning the tokens. This latest minting has intensified the community’s demand for the potential launch timeline.

Ripple RLUSD Stablecoin Launch Timeline Unknown

Over the past few weeks, Ripple stablecoin minting has intensified on the XRP Ledger (XRPL) and Ethereum (ETH) networks. With more than 1,800,000 tokens minted at RLUSD treasury thus far, many are now calling for the next stage in this beta testing.

Ripple Labs has remained largely silent about this next stage. However, insiders have shared thoughts on what the launch means for XRP and the broader Ripple ecosystem. As reported earlier, the company’s President, Monica Long, said the RLUSD stablecoin will launch this year.

With about 3 months left for the year to end, the intrigue is getting more intensified. Notably, Long confirmed that the firm need approval from the United States Securities and Exchange Commission (SEC) before launching. This is a proposition that is relatable, considering recent crackdown moves from the markets regulator lately.

Per an earlier report, the regulator has settled charges against TrueUSD stablecoin issuer for offering unregistered securities. With Ripple recently ending a long drawn legal battle with the SEC, it plans to check all boxes ahead of RLUSD stablecoin launch.

Pending this launch, Monica Long reiterated that the stablecoin will play a crucial role in settlement, the core Ripple business.

Projected Competition for RLUSD

Many market experts have noted how the Ripple RLUSD push is a strategic one. However, it is coming at a time when the competition is stiffening in a unique way.

Besides the dominant players in the market, including Tether (USDT) and Circle’s USDC, Paypal stablecoin PYUSD is also a major contender in the space. Though Ripple Labs have a deep root as a payments firm in the market, it will also content with new contenders like Revolut.

However, the Revolut stablecoin pursuit has an unpredictable timeline as exact details are yet to be unveiled.