Ripple executed another set of significant RLUSD transactions on Wednesday, October 16. The XRP firm moved $6 million worth of RLUSD tokens amid anticipation of the stablecoin’s launch later this year.
Ripple’s Latest RLUSD Movement
According to on-chain data, the company minted 4 million RLUSD tokens on the Ethereum network and promptly transferred them to an unidentified wallet. Earlier in the day, Ripple moved an additional 2 million RLUSD, bringing the total for the day to 6 million tokens.
This follows another large transaction just a day before. On Tuesday, October 15, Ripple shifted a whopping 28 million RLUSD tokens in a several batches. These activities come as the company continues its beta testing for RLUSD on both the Ethereum and XRP Ledger networks.
🚨🚨🚨🚨🚨🚨 4,000,000 #RLUSD transferred from unknown wallet to unknown wallet.https://t.co/bk00974SmZ
— Ripple Stablecoin Tracker (@RL_Tracker) October 16, 2024
The stablecoin is expected to officially launch later this year, though no firm date has been set. Ripple’s recent actions have sparked speculation about the stablecoin’s release, especially given the company’s clear push toward advancing its position in the stablecoin sector.
The firm has already announced the first round of partners and platforms that will support RLUSD once it gains regulatory clearance. Key exchanges such as Uphold, Bitstamp, and Bitso are expected to list the stablecoin after its launch.
Regulatory Compliance
Regulatory approval remains a critical aspect of Ripple’s RLUSD rollout. The company is seeking approval from the New York Department of Financial Services (NYDFS), a regulator known for its strict oversight of the stablecoin market. NYDFS maintains one of the most rigorous regulatory frameworks, particularly in areas like reserve management and transparency.
Thus, Ripple hopes to secure NYDFS approval to have RLUSD placed on the regulator’s “Greenlist.” The blockchain firm’s leadership remains confident in its ability to meet regulatory requirements. Monica Long, Ripple’s President, recently stated that RLUSD is designed to comply with the most stringent regulatory standards.
Long emphasized the stablecoin’s focus on transparency and compliance, which she believes will make RLUSD a trusted option in the stablecoin sector. The XRP firm has also formed an advisory board to oversee the stablecoin’s market debut.
Notable members include Sheila Bair, former Chair of the Federal Deposit Insurance Corporation, and David Puth, former CEO of the CENTRE Consortium. The board is expected to provide strategic guidance as Ripple navigates the complexities of introducing RLUSD to the market.
Ripple’s focus on regulatory compliance sets RLUSD apart from its competitors, particularly USDT and USDC, which currently dominate the stablecoin space. By positioning RLUSD as a stablecoin that adheres to the highest standards of financial regulation, the firm is aiming to capture a significant portion of the market.
As beta testing progresses, the firm’s series of large RLUSD transactions could indicate that the company is laying the groundwork for a major push in the stablecoin market. The exact launch date remains unconfirmed, but the company’s preparations suggest that RLUSD is nearing its debut.