Ripple Labs has intensified testing its stablecoin, RLUSD, as it aims to expand its role in the growing stablecoin ecosystem. Recent transactions revealed the minting of nearly 10 million RLUSD tokens on the XRPL. These developments come as Ripple nears a potential approval in New York, which marks a significant milestone for its blockchain-based payment network.
RLUSD To Launch On Dec 4
According to Fox Business, Ripple is expected to launch RLUSD on Dec. 4, following approval by the New York Department of Financial Services.
With the crypto community anticipating the launch, the blockchain platform has warned users not to associate with any tokens claiming to be RLUSD until an official announcement is made. Moreover, a recent X post from Tron founder Justin Sun has further increased the anticipation of the forthcoming stablecoin.
Will RLUSD Release Help TRX Reclaim Its Status?
Previously, Tron (TRX) had surprisingly lost its status as the largest blockchain by the number of USDT stablecoins issued. After about 2.5 years of dominance, it was overthrown by Ethereum (ETH). Hopefully, the potential RLUSD release would help Tron (TRX) reclaim its status as the preferred blockchain for stablecoins. Notably, TRX set a new all-time high today. In 24 hours, its price added over 80%.
The potential approval comes when Ripple also sees a surge in XRP prices. XRP has risen over 3% in the past 24 hours, trading at $2.56. This increase in value reflects broader optimism about Ripple’s long-term prospects and its growing role in the blockchain space.
Ripple Aims To Reach Wider Audience
Notably, Ripple’s stablecoin testing across two major blockchains signals its intent to enhance liquidity and interoperability. By leveraging the XRP Ledger and Ethereum, Ripple seeks to reach a wider audience and expand its use case in cross-border payments.
Once RLUSD is available, Ripple plans to use both RLUSD and XRP in its cross-border payments solution to serve its global customers, the company said in RLUSD’s beta testing announcement. According to Ripple Labs CEO Brad Garlinghouse, RLUSD will focus more on large institutional players.
