In anticipation of its stablecoin’s launch, Ripple’s Treasury issued 300,000 RLUSD.
Ripple is stepping up its efforts to further the development of its RLUSD stablecoin on the Ethereum and XRP networks. In accordance with the stablecoin’s most recent testing, Ripple recently issued 300,000 RLUSD, according to data from the Ethereum blockchain tracker. The data from Onchain indicates that Ripple Labs conducted comparable mints.
Ripple Labs has recently increased the intensity of its on-chain development activities in relation to its stablecoin, Ripple USD, on the Ethereum and XRP blockchains. The firm minted 300,000 RLUSD at its Treasury on September 28th at 03:13:47 AM UTC, according to Ethereum blockchain explorer Etherscan.
An X account that monitors stablecoin activity in the vicinity of the potential stablecoin, Ripple Stablecoin Tracker, identified the mint transaction. The post elicited a variety of ecstatic responses from the Ripple community.
The mint was one of the recent RLUSD on-chain activities that the X account, Ripple Stablecoin Tracker, flagged. Furthermore, the X user identified an additional mint at the RLUSD Treasury that was worth 50,000 RLUSD. According to Etherscan data, the transaction occurred at 11:38:59 PM UTC on September 27th.
On September 25th at 05:35:59 PM UTC, Ripple Labs also generated 5,515 USD. Ripple incinerated 50 RLUSD and minted an additional 485 USD on September 24th. Since Ripple Labs announced private beta testing on the stablecoin on August 9th, these on-chain activities and numerous others have been ongoing.
RLUSD was not yet available for trading or purchase, as Ripple noted in the post that it had not yet received regulatory sanction.
The randomness of the volumes and frequency of mints may suggest that they are increasing the intensity of the testing phase. Some days after winning the long-running litigation against the U.S. Securities and Exchange Commission (SEC), Ripple revealed that testing for the stablecoin had begun.
Brad Garlinghouse, the CEO of Ripple, disclosed the stablecoin at the XRP Ledger Community Summit (XRPL Apex) in Amsterdam. Garlinghouse asserted that the stablecoin is intended to enhance the overarching objectives that Ripple intends to accomplish through its ecosystem. Ripple’s stablecoin will be in competition with Tether’s USDT and other stablecoins.
RLUSD’s use cases will entail settlement, as Ripple President Monica Long clarified in an interview on June 26th. The entity plans to incorporate the stablecoin into its settlement solution.
“We are of the opinion that stablecoins and XRP have distinct applications in the context of remittances and other transactions. For instance, RippleUSD will be utilized proficiently by DEXs on XRPL, while XRP will continue to be employed for transactions involving long-tail, lesser market cap crypto assets.”
Long also clarified that XRP and RLUSD will function independently and offer solutions for distinct use cases. Ripple has broadened its objectives from providing cross-border payments with XRP to integrating productivity between blockchains and traditional finance with USD, as Long stated.
RLUSD is a collateral stablecoin that is 1:1 pegged to the U.S. dollar. Dollar currency deposits, cash equivalents, and short-term U.S. Treasury bills serve as collateral for the stablecoin.
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