Ripple Minted 13 Million RLUSD Stablecoin Across XRP, ETH Network

Ripple Labs has taken a big step forward with its $RLUSD stablecoin after receiving approval from the New York Department of Financial Services (NYDFS). The company recently minted over 13 million $RLUSD tokens across the $XRP Ledger and Ethereum Network, marking a key phase in its mainnet testing.

Ripple Minted 13 Mln $RLUSD Token

In recent tweet posts, Ripple Stablecoin Tracker highlighted that the company minted 2.6 million $RLUSD tokens on the $XRP Ledger, along with additional smaller batches of 100,000, 160,000, and 640,000 $RLUSD.

Notably, the $XRP Ledger showcased its low-cost efficiency, with minting expenses totaling just 0.00048 $XRP.

On the Ethereum Network, Ripple minted 10.4 million and 640,000 $RLUSD tokens, with the cost for the largest batch being 0.00161 ETH, or about $6.31. However, these tests showcase the scalability and cost-effectiveness of both networks.

Preparing for a Stablecoin Launch

Ripple has been carefully testing $RLUSD through minting, burning, and transferring processes to ensure it can handle real-world demands upon full launch. With its entry into the competitive stablecoin arena, $RLUSD will face strong contenders like Tether’s USDT and Circle’s USDC.

However, Ripple’s regulatory compliance may give it an edge, positioning $RLUSD as a reliable asset for financial institutions.

Meanwhile, CEO Brad Garlinghouse assured community users, “When $RLUSD is live, you’ll hear it from Ripple first.”

$XRP Price Update

The launch announcement had a bullish impact on $XRP, Ripple’s native token. $XRP surged by 13%, reaching $2.46, with potential targets of $2.80 and even $3 if it breaks the $2.50 resistance level.

Analysts are closely monitoring the token as it approaches the key resistance level within a descending channel, with the next 48 hours being pivotal for market movements.