Ripple has increased the pace of its RLUSD stablecoin testing after it transferred a total of 3.5 million tokens to anon wallets
Ripple Labs, a blockchain payments firm, is still testing its beta version of the RLUSD stablecoin. BGECrypto updated the community with reports of the firm minting the stablecoin RLUSD at the Treasury. This time, the firm has shifted the tests to a new phase.
Implications of Ripple’s 3.5 Million RLUSD Transfer
Ripple is now carrying out RLUSD transfers as part of the beta version testing. The latest transfer of 3.5 million RLUSD seems to suggest that a rollout will likely occur before 2024 ends. Although Ripple executives have not given a specific date, their leanings support the “before year ending” speculations.
The recent transfer of 3.5 million RLUSD for the new digital asset occurred on the Ethereum blockchain. As highlighted by Etherscan, the notable transaction occurred between unknown wallet addresses. One of the addresses, “0x3BAf,” is a Ripple provider address.
Interestingly, after receiving the stablecoins, the receiving address “0xFbcA” subsequently moved them to another anon wallet. The transferred tokens currently sit at that address.
According to data, the transfer, one of the largest RLUSD movements to date, has several implications, according to expert analysis. Primarily, it signals that the developers have decided to accelerate the beta testing. If so, the official launch may happen earlier than the community anticipates.
Ripple’s Regulatory Battle with the SEC
Ripple has engaged in massive minting before, including a staggering 10 million RLUSD spotted by an on-chain tracker. Despite the minting, Ripple maintained it is awaiting regulatory approval, among other things, before releasing the stablecoin to the markets.
Meanwhile, Ripple Labs has filed a cross-appeal against the U.S. Securities and Exchange Commission (SEC). Brad Garlinghouse, Ripple CEO, maintains the firm remains determined to end the SEC’s regulation-by-enforcement agenda in the crypto space.
The broader cryptocurrency community has its eyes on the unfolding events within the Ripple ecosystem.
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