Ripple Labs Inc. has increased RLUSD minting as community members quest for the stablecoin’s debut date.
American blockchain payments company Ripple Labs Inc. continues to push forward with testing its RLUSD stablecoin.
Just an hour before this report, the firm minted an additional 80,000 RLUSD tokens to refine the minting and burning process.
This latest minting has heightened the community’s curiosity about when the stablecoin will officially launch.
Ripple RLUSD Stablecoin Launch Timeline Unclear
In recent weeks, Ripple’s stablecoin minting activity has increased on both the XRP Ledger (XRPL) and Ethereum (ETH) networks.
To date, over 1.8 million RLUSD tokens have been minted at the RLUSD treasury, sparking calls from the community for the next phase of testing.
Ripple Labs has not yet provided much information about the next step, although insiders have shared their views on the stablecoin’s impact on XRP and the broader Ripple ecosystem.
According to earlier reports, the company’s President, Monica Long, stated that the RLUSD stablecoin would be launched before the end of the year.
With roughly three months remaining in the year, anticipation is building. Long also noted that the company requires approval from the U.S. Securities and Exchange Commission (SEC) before the stablecoin can be officially launched.
This cautious approach comes in the wake of the SEC’s recent enforcement actions against the crypto industry.
An earlier report highlighted that the SEC settled charges against TrueUSD for offering unregistered securities.
Following Ripple’s own lengthy legal battle with the SEC, the company is making sure to follow all necessary regulatory steps before the RLUSD stablecoin is introduced.
In the meantime, Monica Long emphasized that the stablecoin will play a vital role in Ripple’s core business of settlement solutions.
Projected Competition for RLUSD
Analysts have pointed out that Ripple’s push for RLUSD is a strategic move, but it faces tough competition.
Alongside established players like Tether (USDT) and Circle’s USDC, PayPal’s stablecoin PYUSD has also emerged as a strong competitor.
Though Ripple has a solid foundation in the payments industry, it must also contend with new entrants like Revolut.
However, Revolut’s stablecoin project remains uncertain as detailed plans have yet to be announced.
