Ripple Labs Stablecoin RLUSD Testing Resumes, Is Mainnet Launch Close?

Ripple Labs has once again sparked discussion in the XRP community. This time, the discussion does not revolve around its pending case with the U.S. Securities and Exchange Commission (SEC) but on its stablecoin. Having halted the RLUSD testing since the last week of October, Ripple has resumed again.

Increased RLUSD Stablecoin Transfer And Liquidity Boost

According to data from Ripple Stablecoin Tracker, 441,000 RLUSD were transferred within one hour. In a series of posts on X, the platform detailed the transfers, revealing the originating and destination accounts.

Notably, some transfers were initiated by the RLUSD Treasury to unknown wallets. Others also made their way from unknown wallets to the RLUSD Treasury and from unknown to unknown wallets.

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The least-volume transfer involved the movement of 58,500 RLUSD, while the largest transaction moved 88,500 RLUSD. Other transactions occurred twice in the same quantity, involving the transfers of 68,500 RLUSD and 78,500 RLUSD.

These transfers, which all happened within the space of an hour, follow the 100,000 RLUSD transfer tracked by the platform on October 26.

In that transaction, the transfer occurred between two RLUSD Treasury accounts. Notably, on that same day, Ripple Stablecoin Tracker reported the minting of 100,000 RLUSD on two separate occasions.

These exercises of minting and transfers have sparked curiosity among investors and analysts alike. It suggests the possibility of liquidity preparations ahead of Ripple’s official RLUSD launch.

Some analysts suggest it could be part of plans to create a liquidity pool to support early transactions.

Additionally, these moves might be part of wallet testing or strategic distributions to stabilize RLUSD’s initial price. Overall, it signals preparatory moves ahead of the official unveiling of RLUSD.

Anticipation Builds Around Ripple RLUSD Stablecoin Debut

The official launch date of RLUSD remains speculative in the broader cryptocurrency space. However, many bet on it happening before the 2024 rolls out, as hinted by Ripple.

In October, the blockchain revealed the first set of top crypto exchanges where the stablecoin would list. According to the report, RLUSD will enter the stablecoin section of Bitstamp, Uphold, Bitso, Moonpay, and others.

Ripple Labs appears determined to take a slice of the over $180 billion stablecoin market. Notably, the industry has recorded significant success since 2014. However, USDC and USDT remain dominant forces in the space.

If it launches as anticipated before the end of 2024, RLUSD will have to penetrate this huge market. Interestingly, PayPal, which launched its stablecoin in 2023, has struggled to make strong impressions.

Brad Garlinghouse, Ripple’s CEO, remains confident that the blockchain can take on the dominant USDC and USDT. The firm is relying on its network of global banking and financial partners to support adoption worldwide.

Additionally, RLUSD will have real-world applications such as cross-border payments, unlike Ripple’s native token, XRP, which serves as transaction fees on the XRP Ledger.

Will A Trump Presidency Affect RLUSD?

The broader crypto community anticipates Ripple’s formal unveiling of the RLUSD after a series of minting and testing. With President Donald Trump’s victory in the U.S. election, analysts speculate things might speed up for Ripple.

Some predict that the regulatory bottlenecks and tough stance of the U.S. Secret Service might change. They suggest Trump’s rhetoric during the campaigns could influence a more crypto-friendly environment.