Ripple began minting its stablecoin again today, known as Ripple USD or RLUSD, thanks to on-chain data from XRP Scan. The minting, which took place in a beta test on the XRP Ledger blockchain platform, created 185 tokens. According to the transaction hash, the commission was 0.000135 XRP.
The start of beta testing of Ripple USD was announced by the crypto company earlier, at the end of the first 10 days of August. Despite the fact that testing was launched simultaneously for both XRP Ledger and Ethereum, as it is on these two blockchains where RLUSD will be introduced, things seem to be moving at a faster pace on the first of them.
Gamza Khanzadaev
More about Ripple USD (RLUSD)
Ripple's stablecoin is set to launch later this year, most likely as early as this fall. One can expect the crypto company to accelerate in that direction with the conclusion of its legal battle with the U.S. Securities and Exchange Commission.
The fact that an appeal has not yet been filed against the judge's decision, which significantly reduced the amount of the required $2 billion fine, may be a particular reason for the company to speed up with RLUSD.
However, the exact amount of Ripple's stablecoin issuance is not yet known. So far, the only information available is that Ripple USD will be pegged to the U.S. dollar at a one-to-one ratio.
According to the plan, RLUSD will compete with established stablecoins such as Tether's USDT and Circle's USDC. It will be mainly aimed at payment organizations, businesses and institutional users.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team