- Ripple is reported to have minted 99% of the total supply of its much-anticipated stablecoin, RLUSD, to prepare the grounds for its official launch.
- XRPL has announced two major amendments (fixEmptyDID ” and fixPreviousTxnID) to expand its use cases and position it for market domination.
Ripple makes notable progress in the launch of its stablecoin, RLUSD, as it mints 99% of the asset’s total supply in just 24 hours. According to data from XRPL validator Vet and confirmed by blockchain researcher Collin Brown, the generation of the 800,000 tokens is the first significant minting after the creation of 100,000 tokens eight months ago.
BREAKING #Ripple just minted 99% of its RLUSD stablecoin in a single day, hinting at a major market launch! With 800,000 tokens created, the race to challenge #Tether heats up. Can #RLUSD disrupt the stablecoin $1,000,000,000,000 landscape? Retweet if you are bullish!… pic.twitter.com/00WcxHR2f8— Collin Brown (@CollinBrownXRP) September 30, 2024
RLUSD and Competitors
The launch of RLUSD is expected to offer stiff competition in a race to dominate the $173 billion stablecoin market, which is predicted to hit $1 trillion in the future. However, it would have to displace established assets like USDC and USDT which have a combined valuation of $155 billion. Meanwhile, a document shared by an enthusiast identified as “Good Morning Crypto” discloses that only USDC could be a direct competitor for RLUSD in terms of payment-related applications.
The document explains that both assets have an incredible level of regulatory compliance, liquidity, market prominence, and established use cases. However, RLUSD could have an edge as Circle (USDC issuer) does not offer its blockchain. According to the details, Ripple’s ability to offer its rail (XRPL blockchain) and establish a stablecoin (RLUSD) that freely moves along the rail for cross-border payments makes its provisions a complete solution.
XRPL Amendments
Pending the launch of the much anticipated Ripple’s stablecoin, the community has announced two major amendments – “fixEmptyDID” and “fixPreviousTxnID.” Based on our research, these upgrades have received approvals, with 31 validators voting “yes”.
The “fixEmptyDID” is expected to subject the network to a significant change by halting the creation of empty DID ledger entries. Previously, this entry occupied spaces without providing any benefits, and this amendment would deal with that. In the long run, the efficacy of the ledger would be improved while the existing process is maintained. On top of that, the “fixPreviousTxnID” upgrade would improve transaction tracking by adding PreviousTxnID and PreviousTxnLgrSequence fields.
According to experts, these upgrades would expand the use cases of RLUSD, which is already in the beta stage of XRP Ledger and Ethereum. As part of the beta testing for the launch, 64 RLUSD was burnt via the Treasury earlier last week.
Recently, Ripple issued 970 RLUSD in two batches with 485 RLUSD each. On September 29, it was reported that 300,000 RLUSD had been minted at RLUSD Treasury.
In our recent publication, Ripple President Monica Long was reported to have said that the RLUSD stablecoin would initially be launched in countries or regions outside the US where it has already acquired a license. The president disclosed that the Japanese market could be a possible destination since it has a high potential for the adoption of the stablecoin.
At press time, XRP was trading at $0.64 after surging by 3.9% in the last 24 hours and 10% in the last seven days.
