Ripple USD Launch Preparation Sees $66 Million Worth of Tokens Mined Ahead of Schedule

Here’s How Much Ripple USD (RLUSD) Has Been Minted Ahead of Today’s Launch

Ripple, the US-based enterprise company behind the third-largest cryptocurrency by market capitalization, made headlines on December 16 by announcing that its highly-anticipated stablecoin is finally ready to be deployed. The launch is scheduled to take place later today. Prior to this official statement, there were numerous speculations and fraudulent attempts surrounding the stablecoin’s release date. However, data from CryptoQuant reveals that the actual number of newly minted tokens has risen to almost $66 million.

Interestingly, a significant portion of the RLUSD coins have been created on the Ethereum network, amounting to $52.9 million, whereas only $13.3 million have been minted on Ripple’s own XRPL. The fact that such a large number of stablecoins have already been minted ahead of today’s launch is quite impressive, considering they haven’t officially seen the light of day yet.

As reported yesterday, Ripple received the necessary approval from the NYDFS to proceed with the launch of RLUSD. In conjunction with this development, the company also added new members to its advisory board – Raghuram Rajan, former RBI governor and Kenneth Montgomery, former First VP and COO of Boston’s Federal Reserve. Ripple has characterized RLUSD as “the future of finance.” It is a stablecoin fully backed by US dollar deposits, government bonds, and other cash equivalents with monthly third-party audits. The stablecoin will also support multiple chains, which is already evident in the minting process on Ethereum and XRPL, with other networks to follow later.

RLUSD is designed for use cases such as cross-border payments, DeFi integration, and bridging between fiat and crypto. Ripple aims to enter a highly competitive market dominated by stablecoins like Tether’s USDT and Circle’s USDC.

Source: cryptopotato.com