Ripple conducted another series of significant RLUSD transactions on Wednesday, October 16. The company moved RLUSD tokens worth $6 million in preparation for the launch of its stablecoin later this year.
Latest #RLUSD Movements by Ripple
According to on-chain data, #Ripple💰 minted 4 million RLUSD tokens on the Ethereum network and immediately transferred them to an unidentified wallet. Earlier that day, the company moved an additional 2 million RLUSD, bringing the total for the day to 6 million tokens.
This follows another large transaction from the previous day, October 15, when Ripple transferred a staggering 28 million RLUSD tokens in multiple batches. These actions are part of the ongoing beta testing for RLUSD on both the Ethereum and XRP Ledger networks.
The official launch of Ripple's RLUSD stablecoin is expected later this year, although a specific date has yet to be confirmed. Recent transactions have fueled speculation that the release is imminent, especially considering Ripple's active efforts to strengthen its position in the stablecoin market.
Ripple has already announced its first partners and platforms that will support RLUSD once regulatory approval is secured. Key exchanges such as Uphold, Bitstamp, and Bitso are expected to list the stablecoin upon its launch.
Focus on Regulatory Compliance
Obtaining regulatory approval is a critical element for the launch of RLUSD. Ripple is currently seeking authorization from the New York Department of Financial Services (NYDFS), a regulator known for its stringent oversight of the stablecoin market. The NYDFS maintains one of the strictest regulatory frameworks, particularly concerning reserve management and transparency.
Ripple aims to have RLUSD placed on the regulator's "Greenlist," which would allow the token to operate with full regulatory backing. Monica Long, president of Ripple, emphasized that RLUSD is designed to meet the most stringent regulatory standards, focusing on transparency and compliance.
Long also highlighted that these features would make RLUSD a trustworthy option within the stablecoin sector. Ripple has additionally formed an advisory board to oversee the stablecoin's launch, which includes notable figures such as Sheila Bair, former chair of the Federal Deposit Insurance Corporation, and David Puth, former CEO of the CENTER Consortium.
Ripple Bets on Compliance
Ripple’s focus on regulatory compliance sets RLUSD apart from competitors like USDT and USDC, which currently dominate the stablecoin space. The company is positioning RLUSD as a stablecoin adhering to the highest standards of financial regulation, aiming to capture a significant share of the market.
As beta testing progresses, Ripple's series of large RLUSD transactions suggests the company is laying the groundwork for a strong push into the stablecoin market. Although the exact launch date remains unconfirmed, preparations indicate that RLUSD is getting closer to its official debut.
#RippleUpdate , #CryptoTransactions , #onchaindata
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