Ripple Mints 13.9M RLUSD: What This Means for XRP and DeFi Integration
Ripple has created 13.9 million RLUSD stablecoins across the XRP Ledger and Ethereum networks.
Big move towards launch! The stablecoin is fully backed by US Treasuries and recently got regulatory approval from the New York Department of Financial Services (NYDFS).
According to Ripple’s Stablecoin Tracker, the XRP Ledger saw 2.6 million RLUSD, 100,000, 160,000 and 640,000 mints. On Ethereum, 10.4 million and 640,000 RLUSD mints. These are test mints to validate functionality and network interoperability before launch.
Ripple’s CEO Brad Garlinghouse said he’ll make an announcement when RLUSD is live, so we’ll be transparent.
What Sets RLUSD Apart from Competitors?
RLUSD stands out because of its regulatory compliance and full collateralization by US Treasuries. Unlike USDT and USDC which have been criticized for their regulatory frameworks, RLUSD complies with US financial regulations including Dodd-Frank and Basel III.
Key features of RLUSD include:
- Full Collateralization: Backed entirely by U.S. Treasuries held in regulated custody.
- Transparency: Real-time audits to ensure financial integrity.
- Regulatory Approval: NYDFS approval positions RLUSD as a secure option for U.S. financial institutions.
Vincent Van Code, a software engineer, emphasized that RLUSD’s approval is a result of years of rigorous development and compliance measures, setting it apart as a reliable asset for integration into financial systems.
XRP Rises Amid RLUSD Developments
XRP is up from $1.90 to $2.35 with RLUSD testing and regulatory milestones. Analysts think this is a speculation and RLUSD will integrate into DeFi and go up more.
Van Code mentioned RLUSD will be used in liquidity pools (LPs) and automated market makers (AMMs) on the XRP Ledger. This will drive XRP adoption as users can earn returns and participate in DeFi staking.
Also whale activity. A recent transaction moved 39.43 million XRP ($95.5 million) to Coinbase and another whale moved 99.99 million XRP ($234.4 million) between unknown wallets. Maybe they’re getting in on the action.
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