Ripple Mints 300,000 Tokens At RLUSD Treasury, When Launch?

In its bid to properly test its stablecoin, Ripple Labs Inc has continued to mint the RLUSD token with the latest being a 300,000 worth of the asset

Blockchain payments firm Ripple Labs Inc. is preparing for the launch of its stablecoin RLUSD. According to Ripple Stablecoin Tracker on X, the firm recently minted 300,000 tokens at the RLUSD Treasury. An earlier mint of 50,000 RLUSD brought the total minted stablecoin to 350,000 tokens.

💵💵💵💵💵💵 300,000 #RLUSD minted at RLUSD Treasury.https://t.co/0ZRFRQ0jDz

— Ripple Stablecoin Tracker (@RL_Tracker) September 28, 2024

RLUSD Stablecoin Could Bolster Ripple’s Market Position 

Ripple began discussing RLUSD in April, hinting to its community about its plans to break into the $175 billion stablecoin niche. The idea was a significant milestone in introducing high-quality assets to the XRP Ledger (XRPL). It is also perceived as a way to open up new opportunities, liquidity, and institutional use cases for users, developers, and applications. 

According to the company’s explanation, the token will be backed by U.S. Treasury Bills, dollar deposits, and cash equivalents. Beyond its many features, RLUSD is expected to bolster Ripple’s position in the market by attracting different users, from blockchain enthusiasts to professionals in the financial sector, especially those who are in search of reliable digital transactions. 

In August, RLUSD entered its private beta testing phase on XRPL and Ethereum. Ripple described this stage as crucial for ensuring that the United States dollar-pegged stablecoin fulfills a few criteria before it is widely distributed and receives regulatory approval. Some of these criteria include security, efficiency, and reliability standards.

More RLUSD Token Mint 

In a matter of weeks, the stablecoin was minted on both blockchains. For a start, 385 RLUSD were minted: 185 RLUSD tokens on the XRPL and an additional 200 RLUSD on the Ethereum network. Next, the blockchain payments firm burned 185 RLUSD tokens and minted another 90 tokens. 

Since then, there have been other mints, including 485 RLUSD at 12:28 AM UTC on September 24. This particular mint increased the total supply of the stablecoin to 563. This series of minting actions, including the latest 350,000 tokens, underscores the blockchain company’s commitment to enhancing its stablecoin framework.

The launch of the stablecoin is expected before the end of this year. Meanwhile, the Ripple ecosystem has seen some other activities this past week, including the transfer of 18 million to Binance and Bittrex.

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