Ripple Labs has continued to intensify efforts toward the launch of RLUSD, with growing speculations on the imminent launch
Blockchain payments firm Ripple Labs continues to intensify the minting of its RLUSD stablecoin, which hints at a possible launch date soon. Initially introduced in April, Ripple’s RLUSD stablecoin represents a bold step forward in the company’s digital asset strategy, introducing high-quality assets to the XRP Ledger.
A Surge in Ripple Stablecoin RLUSD Minting
The Ripple stablecoin tracker shows that 1.7 million RLUSD tokens have been minted across the Ethereum blockchain and the XRP Ledger since September 28. Within the last 24 hours, Ripple has minted 900,000 RLUSD stablecoins.
The minting was done in five separate transactions: 50,000, 50,000, 480,000, 120,000, and 200,000 RLUSD. Before the most recent transactions, Vet, an XRPL dUNL Validator, reported that 99% of the total RLUSD supply was minted in 24 hours.
The total supply of RLUSD is 812,034 across ETH and XRPL.
In the last ~24h in total 800k RLUSD got minted on Ethereum and #XRP Ledger combined.
99% of the total supply was minted in the last 24h.
— Vet 🏴☠️ (@Vet_X0) September 29, 2024
Even with the increased minting activity, RLUSD still needs to be made available for trade by the general public. Ripple has said that it is awaiting regulatory approval, among other things, before releasing the stablecoin to larger markets.
In the meantime, Ripple continues to conduct tests, burning small amounts of RLUSD as part of its methodical private beta testing process. Initial testing of the RLUSD stablecoin began in early August. This is a critical step to ensure the stablecoin meets the highest security, efficiency, and reliability standards before a broader release.
Imminent RLUSD Launch Date
The latest minting spree suggests Ripple’s desire to intensify testing efforts ahead of its highly anticipated official debut later this year. The stablecoin is backed by short-term US Treasury securities, dollar deposits, and cash equivalents, providing a stable value basis.
Amid RLUSD testing, there have been discussions about the transaction fees connected with RLUSD on Ethereum and the XRP Ledger. Vet disclosed that transaction costs are higher on Ethereum than on XRP Ledger. However, Ripple is said to have overpaid gas fees on both platforms during the testing phase, most likely as a precaution.
Vet added that the recent RLSUD tests are merely trials while addressing concerns regarding the stability and backing of the RLUSD. Still, Ripple has pledged to issue monthly reserve attestations following the stablecoin’s official launch, which should alleviate concerns about its backing.
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