- Ripple’s Treasury minted 300,000 RLUSD as part of ongoing testing and development of its stablecoin on the XRP and Ethereum blockchains.
- Despite recent activity, RLUSD has not yet received regulatory approval and is not available for trading.
Ripple’s Treasury has minted another 300,000 RLUSD as the company prepares to introduce its stablecoin to the market. This move is part of an ongoing effort to ramp up the development and testing of Ripple’s RLUSD on the XRP and Ethereum blockchains.
Increased Minting Activity on XRP and Ethereum Blockchains
Ripple has significantly increased the minting of its RLUSD stablecoin. Data from Ethereum blockchain explorer Etherscan revealed that Ripple minted 300,000 RLUSD at its Treasury on September 28th at 03:13:47 AM UTC. This mint was flagged by Ripple Stablecoin Tracker, an X account dedicated to monitoring RLUSD activity, sparking excitement and speculation within the Ripple community.
Monica Long, Ripple’s President, emphasized that the stablecoin’s primary use case would be settlement on XRP’s settlement solution. This strategic development aligns with Ripple’s broader goals of enhancing transaction efficiency and reliability on its network.
Intensified Development Activities
The recent mint is part of a series of on-chain activities involving RLUSD. Another minting of 50,000 RLUSD occurred on September 27th at 11:38:59 PM UTC, as reported by Etherscan. Additionally, Ripple Labs minted 5,515 RLUSD on September 25th and 485 RLUSD on September 24th, with a burn of 50 RLUSD on the same day. These transactions indicate a rigorous testing phase, which began after Ripple announced private beta testing for RLUSD on August 9th.
Testing, testing…RLUSD! We’re excited to share that Ripple USD (RLUSD) is now in private beta on XRP Ledger and Ethereum mainnet. RLUSD has not yet received regulatory approval and therefore is not available for purchase or trading – please be cautious of scammers who claim they…
— Ripple (@Ripple) August 9, 2024
Despite the active minting and testing, Ripple has clarified that RLUSD has not yet received regulatory approval and is therefore not available for purchasing or trading.
Ripple’s Strategic Move Post-SEC Victory
The increased development activities come on the heels of Ripple’s legal victory against the U.S. Securities and Exchange Commission (SEC). The announcement of RLUSD was made by Ripple CEO Brad Garlinghouse at the XRP Ledger Community Summit (XRPL Apex) in Amsterdam. Garlinghouse highlighted that the stablecoin is intended to complement Ripple’s broader ecosystem objectives.
Competing in the Stablecoin Market
Ripple’s entry into the stablecoin market sets the stage for competition with established stablecoins like Tether’s USDT. The varied volumes and frequencies of RLUSD mints suggest that Ripple is intensifying its testing to ensure the stablecoin’s robustness and reliability before a full-scale launch.
Ripple’s strategic initiatives and ongoing testing demonstrate its commitment to enhancing its ecosystem and providing innovative solutions in the blockchain space. As the company continues to develop RLUSD, the cryptocurrency community eagerly anticipates its potential impact on the market.
