Ripple Labs, a blockchain payment firm, has seen to be testing their stablecoin RLUSD on the XRP Ledger in full force according to a report by Binance Square. The Ripple Stablecoin Tracker, a tool that monitors and reports the minting, burning and transfer of the Ripple’s stablecoin, revealed that the Ripple is carrying out the minting and transferring the stablecoins concurrently.
Recent data show that Ripple has minted 39,999,523 RLUSD tokens on the XRP ledger which were then transferred from unknown wallet to an unknown wallet. Moreover, the most recent minting took place for 160,000 RLUSD which is yet to be transferred.
These moves indicate Ripple’s efforts towards advancing its stablecoin initiative as it seeks to integrate the stablecoin into the broader payment ecosystem.
Regulatory Approval Approaches for Ripple’s RLUSD
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Reports from Fox Business suggest that the Ripple is about to receive regulatory approval from the New York Department of Financial Services (NYDFS). According to the report by Binance Sqaure, sources indicate that the NYDFS has already given a greenlight to the stablecoin. After it is officially approved, Ripple plans to launch RLUSD on December 4, 2024.
Ripple’s increased focus on stablecoins indicates the need for efficient and secure digital payment solutions. The company’s strategic testing and anticipated regulatory approval could pump the price of the XRP token.
At press time, the price of XRP token stands at $2.64 with a surge of 12.6% in the last 24 hours as per CoinGecko.
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