Ripple is Back in Action With the Minting of 90 New RLUSD Stablecoin
Ripple Labs has recently expanded its digital assets by issuing an additional 90 RLUSD stablecoins. This move signifies the company’s commitment to growing its stablecoin framework. Unlike previous practices, no burns were reported alongside this issuance, indicating a shift in strategy.
The new RLUSD tokens were minted on the Ethereum blockchain, aligning with Ripple’s efforts to maintain market stability and liquidity. Multiple emissions were conducted on the same day, totaling 402 RLUSD stablecoins minted. These actions reflect Ripple’s dedication to enhancing its stablecoin ecosystem.
In line with its commitment to market stability, Ripple is conducting testing phases and ensuring regulatory compliance for RLUSD. By refraining from burns during this phase, the company aims to analyze the market’s response to a consistent increase in supply. An upcoming third-party audit will assess the adequacy of Ripple’s reserves backing RLUSD, reaffirming the company’s transparency and commitment to a stable digital currency pegged to the U.S. dollar.
Looking ahead, Ripple intends to expand the adoption and integration of RLUSD across various financial platforms, with each minting bringing the digital asset closer to everyday financial transactions. Additionally, experts have discussed the potential benefits of RLUSD’s launch and adoption for XRP and Ethereum’s ecosystem, emphasizing the significant transaction volume it could drive to the XRPL Mainnet across multiple currencies.
Despite the strategic developments, XRP’s price has faced bearish pressure due to allegations against Ripple, leading to concerns about XRP’s price outlook. However, at the time of writing, XRP’s price is $0.5612, reflecting a 6.15% increase over the last 24 hours and a surge in trading volume by 72.95%.
Read Also: Grayscale to Unveils First XRP Trust for Accredited Investors
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