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- Ripple minted 4.5 million RLUSD stablecoins within 24 hours to boost cross-border payment efficiency.
- RLUSD is designed to complement XRP in enhancing international transactions backed by U.S. dollars.
Ripple minted 4.5 million RLUSD stablecoins in just 24 hours, a bold action within the stablecoin market. Part of Ripple’s continuous attempts to release a U.S. dollar-pegged stablecoin, this large batch is viewed as a necessary first step towards putting RLUSD into the wider market.
Through the RLUSD Treasury, the minting procedure also involved a smaller transaction that added to the overall 4.76 million RLUSD minted for that same day.
💵💵💵💵💵💵 4,500,000 #RLUSD minted at RLUSD Treasury.https://t.co/KeUCEaE8Hg
— Ripple Stablecoin Tracker (@RL_Tracker) October 13, 2024
Aiming to evaluate the coin’s efficiency, security, and possible market impact, Ripple has been doing these minting activities on both the XRP Ledger and Ethereum mainnet as part of its private beta phase.
Ripple Aims to Challenge Stablecoin Leaders With RLUSD and XRP Integration
With a stablecoin backed by US dollar reserves, meant to enable speedier, more affordable cross-border transactions, Ripple’s objective with RLUSD is obvious: it seeks to challenge established players like Tether.
Unlike many stablecoins in use, RLUSD seeks to maximize XRP’s features as a bridge asset, therefore improving liquidity on several platforms and simplifying worldwide transfers.
This strategic advantage could put RLUSD in a strong position to acquire momentum among businesses and financial institutions seeking dependable digital currency solutions.
This most recent minting frenzy also reflects Ripple’s more general strategy to increase its influence in the stablecoin scene. Once all regulatory obstacles are removed, the company has been aggressively getting ready for the official introduction of RLUSD, scheduled later this year.
Ripple’s stablecoin is a possible rival to established companies in the field since it can provide open, safe, and dollar-backed transactions. Furthermore, Ripple guarantees its consumers dependability and openness by means of monthly attestations and outside audits.
Beyond the technical benchmarks, Ripple’s stablecoin effort fits the company’s more general worldwide aspirations. The company is deliberately focusing on new markets, with Japan especially underlined.
As Monica Long, president of Ripple, works to build on its solid basis, accessing additional foreign markets is a top goal. Ripple’s initiatives seek to present the stablecoin as a solution for bigger, international payments while using XRP’s value in enabling smaller transactions.
To highlight the scope of its activities, Ripple once more minted another 6 million RLUSD hours following this major minting event. According to CNF, RLUSD seeks to improve international, dollar-backed transactions, therefore complementing XRP’s function in smaller-scale payments.
