Ripple Labs has completed the minting of 1 million RLUSD tokens, signaling a pivotal move toward the launch of its highly anticipated dollar-pegged stablecoin. This development follows approval from the New York Department of Financial Services (NYDFS). This week, NYDFS granted Ripple the green light to introduce RLUSD as a compliant alternative in the competitive stablecoin sector.
Ripple Labs to Launch RLUSD Tomorrow?
Today, the blockchain firm minted 640,000 RLUSD tokens on the Ethereum mainnet, according to on-chain data. In addition, Ripple minted 160,000 tokens on the XRP Ledger network. Thereafter, it completed minting 100,000 RLUSD tokens each on Ethereum and XRP Ledger.
Now, netizens are expecting the RLUSD stablecoin to launch tomorrow or as late as next week. Earlier, sharing the NYDFS update, Ripple CEO Brad Garlinghouse reaffirmed the company’s dedication to transparency and market readiness. “When RLUSD is live, you’ll hear it from Ripple first,” he said, noting that exchange and partner listings for the stablecoin would be revealed shortly.
💵💵💵💵💵💵 640,000 #RLUSD minted at RLUSD Treasury.https://t.co/ol4pww0tRv
— Ripple Stablecoin Tracker (@RL_Tracker) December 12, 2024
The regulatory approval from NYDFS ensures RLUSD complies with stringent legal requirements, enabling its operation within New York’s robust financial framework. Prior to this, Ripple conducted extensive testing of RLUSD on the XRP Ledger and Ethereum blockchain, preparing the stablecoin for its official rollout.
For further context, RLUSD is crafted to serve as a fully compliant, dollar-pegged stablecoin, backed by cash reserves and short-term cash equivalents. To enhance transparency, Ripple plans to conduct independent audits regularly and release monthly collateral reports. This positions RLUSD as a more secure and overcollateralized alternative compared to popular stablecoins like USDC and USDT.
Ripple has also integrated XRP to boost RLUSD’s liquidity and ensure rapid transaction settlements. The company’s executives have emphasized leveraging Ripple’s existing blockchain infrastructure to support the stablecoin’s scalability and performance.
Partnerships and Market Access
Ripple has partnered with key players in the crypto space to ensure RLUSD’s market reach. Collaborations include exchanges such as Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish. These alliances aim to provide RLUSD with extensive market exposure and smooth integration into various financial ecosystems.
Garlinghouse highlighted the importance of compliance, noting that NYDFS approval reflects Ripple’s adherence to legal and regulatory standards. With RLUSD, Ripple seeks to deliver a reliable and compliant product that meets the evolving needs of both institutional and retail users in the rapidly growing stablecoin market.
Also Read: XRP A ‘Huge Loser’ in RLUSD Saga, Cardano Founder Speaks Out
