Ripple is actively minting RLUSD tokens, possibly indicating the imminent launch of its new stablecoin project. In the last 24 hours, the platform minted approximately 800,000 tokens on the Ethereum and XRP networks.
Active Testing Phase
In the past 24 hours, Ripple minted 800,000 RLUSD tokens on the Ethereum and XRP networks. Vet.XO, co-founder of XRP Cafe, confirmed this in a post on X. "The total supply of RLUSD is 812,034 across ETH and XRPL. In the last ~24 hours, 800,000 RLUSD got minted on Ethereum and XRP Ledger combined. 99% of the total supply was minted in the last 24 hours," noted Vet.XO. Additionally, on September 27, the company minted 50,000 RLUSD tokens, adding to the previous 5,515 and 485 RLUSD tokens.
Despite Legal Troubles
In August 2024, Southern District of New York Judge Analisa Torres gave her final ruling in SEC v. Ripple. Both parties earned their share of victories and losses. Judge Torres rejected the commission’s disgorgement theory after finding no evidence of how any investor was affected by Ripple’s XRP sales. The court, however, fined Ripple about $125 million, lower than the SEC’s proposed $876 million penalty. The court also issued an injunction preventing Ripple from future violations of Section 5 of the Securities Act, and dismissed Ripple's request to waive the ‘bad actor disqualification,’ preventing the company from utilizing the Regulation D exemption for its securities offerings for five years.
Impending Stablecoin Launch
Despite the legal troubles and a looming SEC appeal, Ripple expects to push through with the launch of its RLUSD stablecoin, anticipating regulatory approval. The platform announced the development of the stablecoin in April, presenting it as a tool for instant cross-border money transfers and payment services. Four months later, the testing phase of the new stablecoin began. In a post on August 9, 2024, Ripple announced that RLUSD was in private beta on XRP Ledger and Ethereum, urging traders to be cautious of scammers falsely claiming to distribute Ripple USD.
Ripple has ramped up the minting of RLUSD tokens on the Ethereum and XRP Ledger, possibly hinting at the imminent launch of its expected stablecoin. Despite the ongoing legal battles, the company hopes for a positive regulatory decision.
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