Ripple Labs has intensified the minting of its RLUSD stablecoin as its minting has grown per frequency and quantity
The official launch of Ripple’s US dollar-pegged stablecoin RLUSD may finally be here with the biggest mint spotted. The tracker reported a massive mint of 10 million RLUSD on October 3.
Meteoric Surge in RLUSD Mint Size
This is the largest mint that Ripple has conducted at RLUSD Treasury since it started the minting action in August.Â
💵💵💵💵💵💵💵 10,000,000 #RLUSD minted at RLUSD Treasury.https://t.co/bk7pzprmBb
— Ripple Stablecoin Tracker (@RL_Tracker) October 3, 2024
Even its weekly mints have never crossed this line. On September 28, the firm minted 300,000 tokens at the RLUSD Treasury. With an earlier mint of 50,000 RLUSD on the same day, it minted 350,000 tokens.
The blockchain payments firm gradually increased the mint. By September 29, more than 1,000,000 RLUSD stablecoins were minted in batches of 50,000, 480,000, 120,000, and 200,000 RLUSD.Â
Earlier this week, the firm moved to its biggest single RLUSD mint, 1,350,000, as reported by Ripple Stablecoin Tracker. Since then, much larger mints, including the recent 10,000,000 RLUSD, have followed.
At the time of this writing, the system has registered two other huge RLUSD mints of 7 million and 6.3 million each. The increasing minting action and the volume of each transaction suggest that Ripple may intentionally be hastening the private beta testing phase of the stablecoin on XRP Ledger (XRPL) and Ethereum mainnet.
Potentials of the USD-pegged RLUSD
The official launch of the USD-backed stablecoin is expected before the end of this year. According to community member Vet, the ongoing RLSUD tests are merely trials designed to spot and address concerns regarding the stability and backing of RLUSD.Â
Ripple said this stage is crucial for ensuring the stablecoin fulfills a few criteria before it is widely distributed and receives regulatory approval. Some of these criteria include security, efficiency, and reliability standards. When the launch is live, Ripple expects it will open up new opportunities and use cases for users, developers, and applications.
RLUSD is expected to bolster Ripple’s position in the market by attracting different users, from blockchain enthusiasts to financial sector professionals, especially those who are in search of reliable digital transactions.
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