Ripples 9.99M RLUSD Mint Sparks Surge in XRP Prices by 11%
Ripple Labs has intensified testing its stablecoin, RLUSD, as it seeks to expand its role in the growing stablecoin ecosystem. Recent transactions revealed the minting of nearly 10 million RLUSD tokens on the XRP Ledger. These developments come as Ripple nears a potential approval in New York, marking a significant milestone for its blockchain-based payment network.
Ripple Advances Stablecoin Development on XRP Ledger
Ripple recently minted and transferred 9,999,700 RLUSD tokens on the XRP Ledger. The transaction occurred on XRP Ledger Index 146, and all tokens were transferred to a Treasury account. According to XRPScan Explorer, the transaction was designated as a payment, highlighting Ripples ongoing efforts to test and stabilize the stablecoin.
The firm later conducted additional testing, minting 39,999,523 RLUSD tokens on the Ethereum blockchain at Block 21316829. Like the XRP Ledger test, all tokens were transferred to a Treasury address. These actions are part of Ripples broader strategy to integrate RLUSD into the global payments system.
Ripples stablecoin testing across two major blockchains signals its intent to enhance liquidity and interoperability. By leveraging the XRP Ledger and Ethereum, Ripple aims to reach a wider audience and expand its use case in cross-border payments. The firms focus on minting and transferring stablecoins highlights the growing importance of blockchain-based assets in the financial sector.
Ripple Eyes New York Approval for RLUSD Launch
Ripple Labs is on the verge of securing a key regulatory approval in New York, which could accelerate its plans for RLUSD. While the exact timeline for this approval remains unclear, there is growing anticipation that it will happen soon. This approval is crucial in Ripples expanding presence in the U.S. payments market.
The potential approval comes when Ripple also sees a surge in XRP prices. XRP has risen 11.09% in the past 24 hours, trading at $2.71. This increase in value reflects broader optimism about Ripples long-term prospects and expanding role in the blockchain space.
Source: CoinMarketCap
Ripples regulatory progress and innovative stablecoin testing could further enhance the use of XRP in financial markets. The company is positioning itself as a significant player in the stablecoin and blockchain sectors. If Ripple secures the expected New York approval, it could pave the way for broader adoption of its digital assets.
Read more: https://www.tronweekly.com/9-99m-rlusd-mint-spark-surge-in-xrp-price-by-11/
Text source: TronWeekly
