The crypto market is waiting to discover the launch date of Ripple’s new stablecoin, RLUSD, after the success of the beta testing. The company has already minted and burned an initial batch of tokens.
Ripple (RLUSD): the crypto market is waiting to know the launch date of the stablecoin
The new Ripple stablecoin pegged to the dollar, Ripple USD (RLUSD), is close to its debut and the crypto market is waiting to know its launch date.
This happens because the crypto company has already informed the community of the success of the beta testing of the stablecoin and of having minted and burned a first batch of tokens. Therefore, the crypto market is monitoring the new project signed by Ripple.
Last week, the company minted the first 185 RLUSD tokens with a minimal transaction fee of 0.000135 XRP. On August 28, Ripple burned this initial batch of RLUSD tokens, incurring a slightly higher transaction fee of 0.00036 XRP. Despite the increase in the fee, the cost remains negligible when converted to USD.
In this regard, since last August 21, the account of the Ripple USD (RLUSD) Tracker community has started to publish the various activities concerning the new stablecoin.
“185 #RLUSD minted at the RLUSD Treasury!
https://xrpscan.com/tx/3600B860A2295FC61018F28FF41FEE70E35550489E0E1635B268CA37F3F28854 “
In the financial markets, the terms “bull” and “bear” are used to describe market trends. A “bull” market is characterized by rising prices, while a “bear” market is characterized by falling prices. Investors often try to predict whether the market will be “bull” or “bear” in order to make informed investment decisions.
Ripple (RLUSD): the stablecoin and new liquidity opportunities and institutional use cases of the crypto
The Ripple team continues to intrigue the crypto community, emphasizing that the stablecoin could open up new liquidity opportunities and institutional use cases in various applications.
On X, the company shared a video explaining the usefulness of stablecoins as digital cash and how credit institutions implement blockchain solutions.
Pat Thelen, VP of Strategic Partnerships at Ripple, also pointed out that at the moment the value of the stablecoin market is 150 billion dollars, demonstrating that the demand is present.
At the moment, RLUSD tokens are not available for trading on various crypto-exchanges, both centralized and decentralized.
The success of the beta test on Ethereum and XRP Ledger
It was only at the beginning of August when Ripple announced to the crypto community that it had started the beta test of RLUSD on XRP Ledger and Ethereum.
This phase is a way to create new opportunities, liquidity, and institutional use cases for users, developers, and applications. Not only that, the beta test also serves to ensure that the stablecoin meets the highest standards of security, efficiency, and reliability, before being widely available.
It is therefore a phase of its development process that seems to have successfully occurred today.
At the moment, the stablecoin pegged 1:1 to the US dollar by Ripple has not yet received regulatory approval.
What is known is that RLUSD will be backed 100% by deposits in US dollars, short-term US government securities, and other cash equivalents. Ripple has also emphasized that these reserve assets will be verified by a third-party accounting firm, while the crypto company will publish monthly attestations.
Source: https://en.cryptonomist.ch/2024/08/30/ripple-rlusd-the-crypto-market-awaits-the-launch-of-the-new-stablecoin/