Ripple Mints Gigantic 4.5 Million RLUSD Stablecoin in 24 Hours

by

As a seasoned crypto investor with a knack for spotting potential, I find myself intrigued by Ripple’s recent surge in stablecoin minting activities. With over 4.5 million RLUSD minted within a day, it’s hard not to notice the significant stride they’re making towards mainstream adoption.

Notably, over the course of a single day, Ripple produced an impressive amount of 4.5 million RLUSD digital coins for the cryptocurrency market.

As a data analyst, I’ve observed that the latest update on the RLUSD tracker indicates that new RLUSD stablecoins were minted in two separate batches at the RLUSD Treasury. Specifically, approximately 260,000 RLUSD from each batch were then moved to unidentified digital wallets.

💵💵💵💵💵💵 4,500,000 #RLUSD minted at RLUSD Treasury.

— Ripple Stablecoin Tracker (@RL_Tracker) October 13, 2024

Over the past day, this action raises the overall production of RLUSD to 4,760,000, most notably through one transaction that accounted for approximately 4.5 million units.

Starting from early August, Ripple initiated trials of the RLUSD stablecoin across the XRP Ledger and Ethereum‘s primary network. Currently, the Ripple-developed stablecoin is undergoing a private testing phase on both blockchains. This stage enables thorough examination before its official release.

As per Ripple’s statement, this particular stage is crucial for validating that the RLUSD stablecoin adheres to the utmost security, effectiveness, and dependability standards. Once these requirements are met, the stablecoin can be widely dispersed and gain necessary regulatory approval. Ripple initially disclosed their intention to launch a U.S. dollar-tied stablecoin in April.

The recent flurry of minting forms part of Ripple’s larger initiative to enhance testing, leading up to an eagerly awaited release towards the end of this year.

Ripple latest milestones

Over the last seven days, Ripple has unveiled a strategic shift, expanding beyond its primary payment settlement operations. As part of this significant foray into cryptocurrency custody, Ripple is set to introduce novel functionalities geared towards assisting banks and financial tech firms in securely holding digital assets on behalf of their clients.

This month, Ripple revealed they received preliminary authorization from the Dubai Financial Services Authority (DFSA) to broaden their offerings within the Dubai International Financial Centre.

In October earlier this year, Ripple unveiled the launch of Ripple Payments in Brazil. Merchants at Mercado Bitcoin, the largest Bitcoin exchange in Latin America, will be the initial users in Brazil to leverage Ripple’s comprehensive, end-to-end managed payment service.

In the SEC lawsuit, Ripple has filed a cross-appeal of Judge Torres’s Aug. 7 final judgment.

Read More

2024-10-14 15:12