American blockchain payments firm Ripple Labs Inc. has amplified the testing for its RLUSD stablecoin on the mainnet. The Ripple Stablecoin Trackerreported that the firm minted 10,500,000 RLUSD at the token Treasury. This is one of the proposed high-profile tests for the stablecoin, but the unknown launch date is approaching.
RLUSD readiness for stablecoin world
For months, the Ripple stablecoin has been undergoing intense testing as the firm’s executives question what the launch means for its ecosystem. Ripple Labs remains one of the high-profile payment firms in the market whose RLUSD might enhance its operations.
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Testing RLUSD involves different phases, including minting, burning and transferring. The goal remains for the stablecoin to be able to withstand any form of operational demand when it finally goes live.
💵💵💵💵💵💵💵 10,500,000 #RLUSD minted at RLUSD Treasury.https://t.co/r2XQIuNFYV
— Ripple Stablecoin Tracker (@RL_Tracker) November 22, 2024
The low-cost feature of the ledger remains visible as the total cost of minting the latest 10.5 million RLUSD is 0.000135 XRP.
Asreported earlier by U.Today, Ripple Labs conducted over 441,000 RLUSD in one hour earlier this month, underscoring how easy it is to issue the stablecoin. How many of these minting, burning and transferring the firm will conduct before it finally launches remains unknown. However, anticipation is growing.
Competitors to watch
Over the past few years, the crypto ecosystem has seen some active players emerge into the stablecoin ecosystem. The number of competitors, from PayPal PYUSD to potentialRevolut stablecoin, remains high.
Ultimately, Ripple must contend with the dominance of Tether USDT and Circle’s USDC when RLUSD finally launches.
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While it hopes to launch on XRP Ledger and the Ethereum blockchain, initial projections appear promising for the stablecoin. Notably, executives hinted at the need to score regulatory approval before it can finally launch the token on the mainnet. The timeline, however, might shift from this year to Q1, 2025.
