The RLUSD stablecoin testing has resumed at a new pace for the first time since the NYDFS reported on the potential approval of a Ripple license.
Ripple Labs Inc., an American blockchain payments company, has intensified the testing of its stablecoin, RLUSD. According to the Ripple Stablecoin Tracker, two simultaneous testings were recorded on the XRP Ledger protocol, which featured minting and transfer. This test mint and transfer is the initial reported testing of the Ripple USD token this month.
Is the Ripple RLUSD stablecoin prepared for launch?
Ripple Labs has maintained its RLUSD testing over the past few months to establish itself within the rapidly expanding stablecoin ecosystem. At the XRP Ledger Index 146, this most recent mint contains precisely 9,999,700 RLUSD tokens.
The XRPScan Explorer indicates that the transaction took place at the 92,505,016 Ledger with the purpose of payment. The firm transferred all the minted RLUSD stablecoin from one Treasury account to another, much to the committee’s surprise.
The testing may be in the process of commencing, as an additional set of stablecoin transactions that is related but larger is expected to appear on-chain shortly. This most recent test comprises 39,999,523 tokens, as the stablecoin tracker indicates. Intriguingly, the latter minting occurred at Block 21316829 on the Ethereum blockchain.
Similar to the tokens entirely minted on the XRP Ledger, all stablecoins on the Ethereum Network were also transferred to a treasury address.
In the interim, these tests were conducted just one week after reports indicated that Ripple Labs was on the brink of obtaining a significant New York approval. Although the timeline for this approval is currently unknown, it is likely to occur this year.
The Spotlight on XRP
The broader XRP ecosystem enjoys the price of digital currency and the RLUSD stablecoin update. XRP was trading at $2.758 at this time, representing a 30.55% increase in the past 24 hours. During this time, the coin experienced a significant value increase, from $2.094 to $2.849.
As a former Ripple insider stated, the RLUSD stablecoin will be paired with XRP to increase liquidity as it gains momentum in the payments ecosystem. This will ultimately benefit the digital currency in the long term.
The potential for increased regulatory clarity in the United States may result in the emergence of additional innovation that could further increase the price of XRP. A potential XRP ETF approval is one of these core projections that could become a reality under a new pro-crypto US SEC Chairman.